As far as I think and also as given in the article,the maximum amount exempt from the receipts of VRS cheme is Rs 5,00,000.This is as per the provisions of Sec 10(10C).The rest will be added to your income from salary.Other benefits like your PF balance,leave encashment and gratuity will be treated as per the income tax law and will be exempt if found not above the prescribed limit.
