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Exempted Incomes (Tax-FREE): Section-10(10BB)-Sec-10(10BC)-Sec-10(C)

19.    Payment received under Bhopal Gas Leak Disaster (Processing of Claims) Act 1985 [Section 10 (10BB)]

Any amount received under the provision of such Act or any scheme framed there under shall be fully exempted but in case payment is received against a loss or damage, for which deduction has been claimed ealier, it shall be taxable.

19A.  Compensation received in case of any disaster [Section 10(10BC) ]

In case an individual or his legal heir receives any compensation on account of any disaster from Central or State Government or from a local authority, the same shall be exempted.

20.    Retirement Compensation from a Public Sector Company or any other Company [Section 10 (10C)]

Any amount received is receivable by an employee of:

  1.      a public sector company ; or

  2.      any other company ; or

  3. any authority established under a Central, State or Provincial Act ; or

  4. a local authority,

  5.      a co-operative society, or

  6. a university established or corporated by or under a Central, State or Provincial Act, and an institution declared to be university under section 3 of the University Grants Commission Act, 1956 ; or

  7. an Indian Institute of Technology within the meaning of clause (g) of section 3 of the Institute of Technology Act, 1961 ; or

  8. such institute of management as the Central Goyt. may, by notification in the official gazette may specify in this behalf.

  9. the Central Government.

  10.      the State Government.

at the time of his voluntary retirement, or in case of a public sector companies under a scheme of voluntary separation, under a scheme framed in accordance with guidelines issued by the Government and in case of companies or co-operative societies, scheme is approved by Chief Commissioner or Director General of Income-tax, shall be exempted up to (a) Actual Amount received ; (b) 500,000 (c) 3 month’s ‘salary’ for each completed year of service ; or, (d) salary last drawn multiplied by number of months’ service is left from date of retirement; whichever is less. In case any exemption is claimed under this clause, the employee cannot claim exemption for the same amount under any other section.

The approval of scheme of voluntary retirement from Chief Commissioner of Income Tax or Director General of Income Tax is not necessary w.e.f. assessment year 2001-02.

Guidelines for the above purpose [Rule 2BA of Income-tax Rules 1962]

  1.      The scheme applies to an employee of the company who has completed 10 years of service or 40 years of age.

  2.      It applies to all employees except Directors of the Company.

  3. The scheme has been made to result in overall reduction in the existing strength of the employees of the Company.

  4. The vacancy so caused is not to be filled up and retired employee is not to be employed again in another company or concern belonging to the same management.

  5.      The amount payable is to be calculated as 3 months salary for each completed year of service, or salary at the time of retirement multiplied by the balance months of service left before his date of retirement or superannuation.

  6. The employee should not have availed benefit of any other voluntary retirement scheme earlier.

  7. The term ‘Salary’ shall have the same meanings as it has for provident fund purposes.

 
 
More Topics... @ Exempted Incomes
Exempted Incomes : Sec.10(1) to Sec.(4)(ii)
Exempted Incomes : Section-10(7)-Section-10(9)
Exempted Incomes : Section-10(10)-Sec-10(A)-Sec-10(AA)-Sec-10(B)
Exempted Incomes : Section-10(10BB)-Sec-10(10BC)-Sec-10(C)
Exempted Incomes : Section-10(10CC),Sec-10(10D),Sec-10(11),Sec-10(12),Sec-10(13)
Exempted Incomes : Section-10(15A),Sec-10(16),Sec-10(17),Sec-10(17A)
Exempted Incomes : Section-10(18),Sec-10(19),Sec-10(19A),Sec-10(20)
Exempted Incomes : Section-10(21),Sec-10(22B),Sec-10(23A),Sec-10(23AA)
Exempted Incomes : Section-10(23AAA),Sec-10(23MB),Sec-10(23A),Sec-10(23AA)
Exempted Incomes : Section-10(23BBA),Sec-10(23BBB),Sec-10(23BBC),Sec-10(23BBE),Sec-10(23BBH)
Exempted Incomes : Section-10(23C),Sec-10(23D),Sec-10(23DA),Sec-10(23EA),Sec-10(23EB),Sec-10(ED)
Exempted Incomes : Section-10(23FB),Sec-10(24),Sec-10(25),Sec-10(25A),Sec-10(26A)
Exempted Incomes : Sec.10(4B) to Sec.10(6)
Exempted Incomes : Section-10(26AAN),Sec-10(26AAB),Sec-10(26B),Sec-10(26BB),Sec-10(26BBB)
Exempted Incomes : Section-10(27),Sec-10(29A),Sec-10(30),Sec-10(31),Sec-10(32)
Exempted Incomes : Section-10(33),Sec-10(34),Sec-10(34A),Sec-10(35),Sec-10(35A),Sec-10(36)
Exempted Incomes : Section-10(37),Sec-10(38),Sec-10(39),Sec-10(40),Sec-10(41)
Exempted Incomes : Section-10(42),Sec-10(43),Sec-10(44),Sec-10(45),Sec-10(46),Sec-10(47),Sec-10(48),Sec-10(49)
Exempted Incomes : Section 10(6A), (6B), (6BB) and (6C)
List of Exempted Incomes (Tax-Free) Under Section-10
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