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Which employers are covered under Voluntary Retirement Scheme?

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posted Jul 14 by Prachi

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1 Answer

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Voluntary retirement scheme (VRS) is an early retirement option given by the employer to its eligible employee by compensating them for taking a early retirement. Most of the public sector banks, PSU and private companies opted for voluntary retirement scheme (VRS) in past to restructure there organization. Voluntary retirement scheme (VRS) is also accepted by trade union as it’s legally allowed by companies to off-load there surplus manpower.

Income tax act provides an exemption up to Rs. 5, 00, 000 for Voluntary retirement scheme i.e. amount received up to Rs. 5, 00,000 will be exempted and the balance amount will be taxable in the hands of employee under the head salary.

answer Jul 17 by Shantanu Arora
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