RE:income tax on vrs amount more than 500000.
by gopal azad on May 03, 2007 09:24 PM Permalink
Deccan Herald News Service. The Karnataka High Court declared that the amount received by bank employees under vrs is a COMPENSATION for loss of employment and not a profit in liew of salary as claimed by Income Tax Dept.
RE:income tax on vrs amount more than 500000.
by Amitabh on May 04, 2007 10:27 AM Permalink
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.
