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of <h1>Income Tax Act Section 10(10C): Tax Exemption for Voluntary Retirement Compensation Up to 5 Lakh for Eligible Employees</h1> Section 10(10C) of the Income Tax Act provides a tax exemption for compensation received by employees upon voluntary retirement or separation, up to a limit of 5,00,000. This exemption applies to employees of public sector companies, other companies, government authorities, local authorities, cooperative societies, universities, IITs, and certain institutions specified by the Central Government. Eligible employees must have completed 10 years of service or be over 40 years old, except for public sector employees. The scheme must aim to reduce the workforce, with no refilling of vacancies, and restrictions on reemployment within the same management. The exemption can only be claimed once and is not available if relief under section 89 has been taken.
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