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of <h1>Retrenchment Compensation Exempt from Tax under Section 10(10B) of Income Tax Act up to Specified Limits</h1> Retrenchment compensation under Section 10(10B) of the Income Tax Act is exempt from tax up to the least of the actual amount received, an amount per Section 25F(b) of the Industrial Disputes Act, 1947, or 500,000 specified by the Central Government. Amounts exceeding this limit are taxable but eligible for relief under Section 89. Compensation due to closure or transfer of ownership is considered retrenchment compensation. Ex-gratia payments from out-of-court settlements resulting in employment termination are also eligible for exemption under Section 10(10B).
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