ITAT Pune rules VRS payout of Rs 65.21 lakh a tax-free capital receipt

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An employee in Aurangabad opted for voluntary retirement in FY 2018-19 after his employer shut down the local plant. He received a total payment of Rs 65.21 lakh under a financial scheme offered by the company. The Income Tax department treated this payout as taxable salary income. However, the Income Tax Appellate Tribunal in Pune has ruled it is a capital receipt, making it non-taxable.

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