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of <h1>Income Tax Exemption for Voluntary Retirement: Clause 10C, Section 10, Extended to All Companies Per Rule 2BA Guidelines.</h1> Clause 10C of section 10 of the Income-tax Act, 1961, provides income-tax exemptions for payments received during voluntary retirement. Initially applicable only to public sector employees, the Finance Act, 1992, extended this to other company employees. The exemption applies if the retirement schemes follow guidelines in rule 2BA of the Income-tax Rules, 1962, which include criteria like employee tenure, age, and economic viability. Payments made between April 1, 1992, and August 18, 1992, are also exempt if they meet these guidelines. The exemption limit is up to five lakhs, and tax is not deducted at source if conditions are satisfied.
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