Voluntary Retirement or Voluntary Separation - (New) Section 19 / Section 10(10C)

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.... (vi) a University established or incorporated by or under a Central Act or State Act or Provincial Act and an institution declared to be a University under section 3 of the University Grants Commission Act, 1956; or (vii) an Indian Institute of Technology within the meaning of section 3(g) of the Institutes of Technology Act, 1961; or (viii) the Central or any State Government; or (ix) an institution, having importance throughout India or in any State or States, as the Central Government may, by notification, specify in this behalf; or (x) such institute of management, as the Central Government may, by notification, specify in this behalf. Quantum of Exemption - Minimum of the following ....

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....  balance months of service left before the date of his retirement on superannuation; Salary Means :- "salary" includes dearness allowance, if the terms of employment so provide, but excludes all other allowances and perquisites. [ Rule 20(3) ] Non-Eligibility for Exemption • VRS availed for the second time. • Employee has not met age or service criteria (except in Public Sector Companies). • Directors of companies or co-operative societies. • Employee re-joins a company under the same management. • Employee claims relief under Section 157. [ Section 157(2) ] Under Income Tax Act, 1961 [ Upto 31.03.2026 ] Voluntary Retirement or Voluntary Separ....

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....te of management as the Central Government may, by notification in the Official Gazette, specify in this behalf One-Time Benefit: The exemption cannot be claimed again if VRS is availed a second time. Conditions for claiming exemption under section 10(10C) [Rule 2BA] • (i) It applies to an employee who has completed 10 years of service or completed 40 years of age except in Public Sector Companies. • (ii) It applies to all employees including workers and executives except directors of a company or co-operative society. • (iii) Such scheme has been drawn to result in overall reduction in no. of employees • (iv) The vacancy caused by voluntary retirement is not to be filled up. ....