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INCOME TAX ON VRS
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...- ITR 2026: Common income tax return filing mistakes that cost employees lakhsA careful, timely, and well-documented filing approach can help employees avoid notices, interest, penalties, and refund delays while ensur...
- 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...
- About 850 IRS officers took retirement under VRS in last 10 years: MoS FinanceOver 850 Indian Revenue Service officers have opted for voluntary retirement in the past decade. Customs officials seized over 2,746 kg of ...
- Tax queries: VRS benefit up to Rs 5 lakh is exempted from taxDilip Lakhani, Senior Chartered Accountant, answers queries from our readers on income tax and other levies.
- 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...
- Delhi CM Arvind Kejriwal's wife takes voluntary retirement from Indian Revenue ServiceSunita has taken voluntary retirement from the Indian Revenue Service (IRS), after serving for nearly 22 years in the income tax department.
- 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...
- CBI shutsTatra truck case; clean chit likely to Virbhadra Singh tooThe agency has charged Lt General Tejinder Singh for attempting to bribe VK Singh for allegedly swinging a truck purchase deal in favour of...
- UPA regime responsible for Nokia plant troubles: TN GovtDue to the tax dispute, the manufacturing facility at Sriperumbudur could not be part of the Microsoft deal, leaving in lurch hundreds of e...
- Nokia union seeks Jayalalithaa help, blasts companyThe Nokia India Employees’ Union has written Tamil Nadu chief minister J Jayalalithaa requesting her to intervene with appropriate action t...
- Nearly 16,700 posts lying vacant in Income Tax dept: GovernmentVacancies arise on account of retirement/VRS, promotion, deputation and officers proceeding on leave, among others.
- Expert advice is not an excuse to avoid penalty for claiming false deductions: I-T tribunalAn income-tax tribunal has held that a company cannot avoid paying penalty for claiming false deduction on grounds that its claim was suppo...
- VRS is not a dirty word anymoreThe corporate scene in India today is completely different from what it was a decade or so ago.
- RBI Staff Get VRS definition wrong, face taxing timeWhat's in a name? A lot in the three-letter word VRS. By any other name, the benefits that come with a VRS will not be there.
- Assocham for raising exemption limit for income-taxAssocham has asked the government to raise the threshold exemption limit of income-tax to Rs 1 lakh and reduce the maximum tax limit for pa...
- 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...
- FM hints saving plan for pensionersNEW DELHI: In a move which would take the sting out of the personal income-tax proposals in this Budget, the Finance Minister has hinted at...
- 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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