Section(s) Referred: s. 10(10B)(ii)
Statute: INCOME TAX
Date of Issue: 25/6/1999
In exercise of the powers conferred by sub-clause (ii) of first proviso to clause (10B) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government, having regard to the maximum amount of compensation which may be received by a workman at the time of his retrenchment, hereby specifies five lakhs rupees as the limit for the purposes of the said clause in relation to the workman who receives compensation under the Industrial Disputes Act, 1947 (14 of 1947) or any other Act or Rules, orders or notifications issued thereunder or under any standing orders or under any award, contract of service or otherwise at the time of his retrenchment on or after the 1st January, 1997.
[F No. 200/21/97-ITA-I]