Voluntary Retirement or Voluntary Separation - [Section 10(10C) read with Rule 2BA]

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....ount, subject to a maximum of 5,00,000. 2. This exemption is available to employee of any of the following: * a public sector company * any other company * an authority established under a Central, State or Provincial Act * a local authority * a co-operative society * a University established or incorporated by or under a Central, State or Provincial Act and an institution declared to....

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....l employees including workers and executives except directors of a company or co-operative society. * Such scheme has been drawn to result in overall reduction in no. of employees * The vacancy caused by voluntary retirement is not to be filled up. * The retiring employees of a company shall not be employed in another company or concern belonging to the same management. * Amount receivable....