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of <h1>Tax Exemption on Retrenchment: Rs. 4,32,692 Exempt u/s 10(10B), Rs. 5,67,308 is Taxable.</h1> An individual received retrenchment compensation of Rs. 10,00,000 after over 30 years of service, with a basic salary of Rs. 20,000 and a dearness allowance of Rs. 5,000 per month at the time of retrenchment. According to Section 10(10B) of the Income Tax Act, the least of the following amounts is exempt from tax: Rs. 4,32,692, Rs. 10,00,000, or Rs. 5,00,000. Therefore, Rs. 4,32,692 is exempt, leaving a taxable balance of Rs. 5,67,308.
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