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Whether any TDS has to be deducted on the amount received under an approved voluntary retirement scheme?

April 26, 2017Approved deducted received retirement Scheme TDS Voluntary

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Whether any TDS has to be deducted on the amount received under an approved voluntary retirement scheme?

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A. If all the specified conditions are satisfied the employer need not deduct TDS on the amounts paid under the Voluntary Retirement Scheme. However, tax at source shall have to be deducted on amounts exceeding the prescribed monetary limit of Rs. 5 Lakhs paid under the Scheme.