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VRS TAX RULES
VRS offer in hand? Check these tax rules before you accept the packageContemplating a Voluntary Retirement Scheme (VRS)? Prior to making your decision, it’s crucial to analyze the overall financial implication...- Retiring early? Know how much tax exemption can employees claim for VRSYou can claim full tax exemption on VRS if the scheme was launched under special framework; Know how it works for employees claiming VRS.
- Is severance pay received under a VRS taxable for all employees? Know what the Income Tax law saysSeverance pay received under a voluntary retirement scheme is not always taxable for all employees; Know why and what the tax law says
- Income tax for senior citizens: No salary after retirement? These 7 incomes can still attract tax; know what is exemptRetirement is not synonymous with tax freedom. Your pensions, interest income, rental earnings, and capital gains may still incur taxes. It...
- ITR filing: Received Section 143(1) intimation with tax demand? Respond within 30 days or risk being treated as an ‘assessee in default’; know how to do itTaxpayers must respond to Section 143(1) intimations with tax demands promptly. Failure to respond within thirty days can lead to penalties...
- How to select the right ITR form based on your income for AY 2026-2027Choosing the right income tax return form for AY 2026-27 depends on income sources. Individuals can now report two house properties using I...
- ITR-4 or ITR-3? Know which ITR form to file under presumptive taxation scheme and the documents requiredTaxpayers using the presumptive taxation scheme must select the correct Income Tax Return form. Generally, ITR-4 is suitable for individual...
- Employee wrongly reported Rs 65.21 lakh VRS payout in ITR, lost tax relief; ITAT Pune rules the amount is not taxable and grants him reliefEmployee got Rs 65.21 lakh as VRS after company shut plant, but wrong ITR reporting led to tax dispute; ITAT Pune rules in his favour and g...
- SBI rejects Rs 9.48 lakh VRS claim after employee dies a month before cut-off date; HC orders payment to family for this reasonSBI denied Rs 9.48 Lakh VRS benefits as employee died a month before VRS retirement cut-off date; Telangana HC grants relief to family and ...
- Senior citizen mistakenly paid tax on tax-free VRS compensation; wins complete relief from ITAT Chennai on this groundA senior citizen wrongly paid tax on Rs 24 lakh retrenchment compensation received under a BSNL Voluntary Retirement Scheme. Despite a sign...
- Pension, gratuity withheld on caste misrepresentation charge, retired govt officer fights and wins case in Bombay High CourtA retired Central Excise officer has won a significant legal battle. The Bombay High Court has ordered the release of his pension and gratu...
- Lost your job or taking VRS? Here's how the severance payout will be taxedDownsizing—be it by a startup or a global giant—is no longer a rarity. Understanding the tax implications of the severance package can come...
- Arvind Kejriwal's I-T officer wife Sunita takes VRSSunita, last posted as Commissioner of I-T in the ITAT in Delhi, had sought VRS earlier this year and an official order has now been issued...
- Nokia India's tax woes spill over to Foxconn’s India unitCITU is trying to get recognition as the representatives of the Foxconn employees and the next hearing is likely to be held in August.
- Coal India's 'voluntary retirement scheme' for women becomes a reality but miniscule number will benefitA recently announced voluntary retirement scheme by the CIL management was, in fact, the result of an effort which took at least 8-9 years ...
- Query Corner: TaxationOur expert guides you in matters relating to taxation.
- Tisco, Otis to benefit from I-T tribunal's VRS orderTata Steel, Indian Oil Corporation, Philips India, Alstom, Otis Elevator, ACC, Voltas, are among those expected to benefit from the Income-...
- Cos can claim tax break on VRS before '00-01Companies that have spent huge amounts on voluntary retirement schemes (VRS) are entitled to receive full exemptions on income-tax, the Inc...
- Shourie statement on sell-off on MondayUnion Disinvestment Minister Arun Shourie would make a statement on Monday on oil sector disinvestment, a decision which was "stayed" for t...
- Govt may offer VRS with I-T benefitsNEW DELHI: The government has decided to offer a revamped voluntary retirement scheme for its employees and exempt a part of the benefits f...
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