SBI Exit Optees Eligible for Exemption u/s. 10(10C) of I.T.Act !

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Section 10(10C) of the Income Tax Act provides the exemption upto Rs 5 Lakhs to employees who opt for Voluntary Retirement Scheme or Separation Scheme of public sector units or ¬†company or government. Rule 2BA is the relevant rules. However , for SBI employee who opted for the exit scheme launched by the Management , tax exemptions u/s 10(10C) was turned down on account of CBDT circular /instruction¬†Board’s Instruction No. 200/34/2009-IT.I, dated October 6, 2009 which denied exemption to optees of the SBI exit scheme. However, this circular has been held non in accordance with law u/s 10(10C)¬†

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