Retiree paid tax on exempt income, wins case in ITAT
Synopsis A senior citizen wrongly paid tax on Rs 24 lakh retrenchment compensation received under a BSNL Voluntary Retirement Scheme. Despite a significant delay, the
Synopsis A senior citizen wrongly paid tax on Rs 24 lakh retrenchment compensation received under a BSNL Voluntary Retirement Scheme. Despite a significant delay, the Income Tax Appellate Tribunal (ITAT) in Chennai granted him full tax exemption, recognizing the compensation as ta free under Section 10(10B). This ruling offers relief and highlights the possibility of rectifying tax errors.
The BriefWire