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of <h1>Rule 2BA Details Conditions for Tax Exemption on Employee Voluntary Retirement Under Section 10(10C) of Income-tax Rules</h1> The statutory provisions under Rule 2BA of the Income-tax Rules, 1962, specify conditions for tax exemption on amounts received by employees upon voluntary retirement or separation under section 10(10C). Eligible entities include public sector companies, other companies, authorities under statutory acts, local authorities, co-operative societies, universities, IITs, and specified institutions. The scheme must apply to employees with at least 10 years of service or aged 40 and above, cover all employees except directors, aim to reduce workforce size, ensure vacancies are not refilled, and limit compensation to specific salary calculations. Certain exceptions apply to public sector company employees.
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