https://www.taxtmi.com/circulars?id=5057 Section 10(10C) exempts payments on voluntary retirement only where schemes comply with rule 2BA guidelines and, for non-public companies, obtain required approval. Eligibility requires ten years' service or forty years of age, coverage of all employees except directors, overall reduction in workforce, non-filling of vacancies, and absence of prior VRS benefit. Payments may be based on one-and-one-half months' salary per completed year or monthly emoluments for remaining months, with the exempt portion capped by the monetary ceiling; excess is taxable. Salary includes dearness allowance where provided; last drawn salary is the basis for computation. en-us Thu, 26 Nov 1992 00:00:00 +0530 Sat, 09 Aug 2008 10:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=5057 Section 10(10C) exempts payments on voluntary retirement only where schemes comply with rule 2BA guidelines and, for non-public companies, obtain required approval. Eligibility requires ten years' service or forty years of age, coverage of all employees except directors, overall reduction in workforce, non-filling of vacancies, and absence of prior VRS benefit. Payments may be based on one-and-one-half months' salary per completed year or monthly emoluments for remaining months, with the exempt portion capped by the monetary ceiling; excess is taxable. Salary includes dearness allowance where provided; last drawn salary is the basis for computation. Circulars Income Tax Thu, 26 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/circulars?id=5057