VRS_income_to_be_exempted_from_tax.doc
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VRS income to be exempted from tax
PTI Jun 20, 2002, 07.44pm IST
NEW DELHI: In a bid to provide relief to employees opting for early retirement, the Government on Thursday decided to exempt VRS income from tax for employees who have completed 10 years of service or 40 years of age.
The Central Board of Direct Taxes on Thursday issued a notification amending Rule 2BA of the Income Tax Rules for VRS takers from a notified institution having importance throughout India or a state.
The VRS income would be exempted from April one this fiscal, the CBDT said.
The government had earlier decided to exempt the VRS income in its Finance Act for 2002.
The move is expected to provide a fillip to thousands of employees in banks, PSUs and private companies who opted for VRS during the restructuring of their organisations.
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