How much of Retrenchment Compensation is exempt?
RETRENCHMENT COMPENSATION – SECTION 10 (10B) :
The retrenchment compensation received by a workman is exempt provided that in general it does not exceed the sum calculated on the basis provided in Section 25F(b) of Industrial Disputes Act, 1947 or any such amount as is specified by the Central Govt. by a Notification, whichever is less. The maximum exemption is Rs. 5 lakhs where retrenchment is on or after 1-1-1997.
Source: Income Tax Department
Income from House Property
Income from Other Sources
Return of income
Due dates for filing tax returns