Page 214 - DMGT515_PERSONAL_FINANCIAL_PLANNING

Unit 11: Taxation Planning

Notes
10(10A) Commutation of Pension-
(i) from government, statutory
Corporation etc.
(ii) from other employers Where gratuity is payable -
value of 1/3 pension. Where
gratuity is not payable - value
of 1/2 pension.
(iii) from fund set up by LIC
u/s 10(23AAB)
10(10AA) Encashment of unutilised
earned leave
(i) from Central or State
government
(ii) from other employers Upto an amount equal to 10
months salary or ` 1,35,360/-
which ever is less
10(10B) Retrenchment compensation Amount u/s. 25F(b) of
Industrial Dispute Act 1947 or
the amount notified by the
government, whichever is less.
10(10C) Amount received on Amount as per the Scheme
voluntary retirement or subject to maximum of ` 5 lakh
termination of service or
voluntary separation under
the schemes prepared as per
Rule 2BA from public sector
companies, statutory
authorities, local authorities,
Indian Institute of Technology,
specified institutes of
management or under any
scheme of a company or Co-
operative Society
10(11) Payment under Provident
Fund Act 1925 or other
notified funds of Central
Government
10(12) Payment under recognised To the extent provided in rule 8
provident funds of Part A of Fourth Schedule
10(13) Payment from approved
Superannuation Fund
10(13A) House rent allowance least of-
(i) actual allowance
(ii) actual rent in excess of 10%
of salary
(iii) 50% of salary in Mumbai,
Chennai, Delhi and Calcutta
and 40% in other places
10(14) Prescribed [See Rule 2BB (1)] To the extent such expenses are
special allowances or benefits actually incurred.
specifically granted to meet
expenses wholly necessarily
and exclusively incurred in
the performance of duties
Contd...

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