X, Manager of XYZ Ltd. since 2001 was terminated by the company on 1st August, 2014 by paying a compensation of ₹200 lakh. Such compensation is

CS Executive · Tax Laws and Practice · PYQS · December 2015
X, Manager of XYZ Ltd. since 2001 was terminated by the company on 1st August, 2014 by paying a compensation of ₹200 lakh. Such compensation is
(A) Chargeable under the Wealth-tax Act, 1957
(B) Not chargeable under the Income-tax Act, 1961
(C) Chargeable under section 17(3)(i)
(D) Chargeable under section 28(ii)(a).

Answer & Explanation:

Correct Answer: Option (C)

Official answer key: (C).

Topics: Income Tax Act, 1961

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