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« Various Acts & Rules »
 Customs Tariff 2009-10 - PART-II - Chapter 98 - Project imports, Laboratory chemicals, passenger's baggage
 Customs Tariff 2009-10 - PART-II - Chapter 97 - Works of art, collectors' pieces and antiques
 Customs Tariff 2009-10 - PART-II - Chapter 96 - Miscellaneous manufactured articles
 Customs Tariff 2009-10 - PART-II - Chapter 95 - Toys, games and sports requisites; parts and accessories thereof
 Customs Tariff 2009-10 - PART-II - Chapter 94 - Furniture; bedding, mattresses, mattress supports
 Customs Tariff 2009-10 - PART-II - Chapter 93 - Arms and ammunition; parts and accessories thereof
 Customs Tariff 2009-10 - PART-II - Chapter 92 - Musical instruments; parts and accessories of such articles
 Customs Tariff 2009-10 - PART-II - Chapter 91 - Clocks and watches and parts thereof
 Customs Tariff 2009-10 - PART-II - Chapter 90 - Optical, photographic, cinematographic, measuring
 Customs Tariff 2009-10 - PART-II - Chapter 89 - Ships, boats and floating structures
 Customs Tariff 2009-10 - PART-II - Chapter 88 - Aircraft, spacecraft, and parts thereof

Income-Tax Rules - Rule No. 2BA
June, 23rd 2010

10[Guidelines for the purposes of section 10(10C).11

2BA. The amount 12received by an employee of

           (i)  a public sector company; or

          (ii)  any other company; or

         (iii)  an authority established under a Central, State or Provincial Act; or

         (iv)  a local 13[authority; or]

      14[(v)  a co-operative society; or

         (vi)  a University established or incorporated by or under a Central, State or Provincial Act and an institution declared to be a University under section 3 of the University Grants Commission Act, 1956 (3 of 1956); or

        (vii)  an Indian Institute of Technology within the meaning of clause (g)15 of section 3 of the Institutes of Technology Act, 1961 (59 of 1961); or

  16[(viia)  an institution, having importance throughout India or in any State or States, as the Central Government may, by notification in the Official Gazette17, specify in this behalf; or]

       (viii)  such institute of management as the Central Government may, by notification in the Official Gazette18, specify in this behalf,]

19at the time of his voluntary retirement 20[or voluntary separation] shall be exempt under clause (10C) of section 10 only if the scheme of voluntary retirement framed by the aforesaid company or authority 21[or co-operative society or University or institute], as the case may be 22[or if the scheme of voluntary separation framed by a public sector company,] is in accordance with the following requirements, namely :

           (i)  it applies to an employee 23[***] who has completed 10 years of service or completed 40 years of age;

      24[(ii)  it applies to all employees (by whatever name called) including workers and executives of a company or of an authority or of a co-operative society, as the case may be, excepting directors of a company or of a co-operative society;]

         (iii)  the scheme of voluntary retirement 25[or voluntary separation] has been drawn to result in overall reduction in the existing strength of the employees 26[***];

         (iv)  the vacancy caused by the voluntary retirement 25[or voluntary separation] is not to be filled up;

          (v)  the retiring employee of a company shall not be employed in another company or concern belonging to the same management;

         (vi)  the amount receivable on account of voluntary retirement 27[or voluntary separation] of the employee does not exceed the amount equivalent to 28[three months] salary for each completed year of service or salary at the time of retirement multiplied by the balance months of service left before the date of his retirement on superannuation29 :

30[Provided that requirement of (i) above would not be applicable in case of amount received by an employee of a public sector company under the scheme of voluntary separation framed by such public sector company.]

Explanation : In this rule, the expression salary shall have the same meaning as is assigned to it in clause (h) of rule 2 of Part A of the Fourth Schedule.]

 
 
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