UGC NET COMMERCE July 2018 Q97
- Option : C
- Explanation : If an employee receives compensation (whether in one go or in installments) on voluntary retirement or separation, Section 10(10C) provides for exemption for such amount, subject to a maximum of Rs.5,00,000.
This exemption is available to employee of any of the following:
∎ A public sector company
∎ Any other company
∎ An authority established under a Central, State or Provincial Act
∎ A local authority
∎ A co-operative society
∎ 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 l An Indian Institute of Technology within the meaning of clause (g) of section 378 of the Institutes of Technology Act, 1961 (59 of 1961)
∎ Any State Government
∎ The Central Government
∎ An institution, having importance throughout India or in any State or States, a the Central Government may, by notification in the Official Gazette 82, specify in this behalf
∎ Such institute of management as the Central Government may, by notification 83 in the Official Gazette, specify in this behalf.
