Post-2002 Sec.17(3) Amendment Covers All Termination Payments

Smt. Supriya Nagendla Vs ITO (ITAT Hyderabad) Severance Compensation Pay Taxable: Post-2002 Sec.17(3)(iii) Amendment Covers All Payments on Cessation of Employment -Profits in Lieu of Salary This appeal concerned the taxability of severance compensation of Rs.26,97,912/- received by Assessee from her employer, Monsanto Holdings Pvt. Ltd., upon cessation of employment. Assessee filed her return declaring total income of Rs.25,10,760/- but disclosed only Rs.26,58,124/- as salary, although Form 24Q reflected gross salary of Rs.61,29,902/-. During scrutiny, AO found that Assessee had treated sever...