Manager of XYZ Ltd. since 2005 was terminated by the company on 1st August, 2018 by paying a compensation ₹ 200 lakh. Such compensation is -……………
A. Chargeable under the Wealth-tax Act, 1957
B. Not chargeable under the Income-tax Act, 1961
C. Chargeable u/s 17(3)(i)(d)
D. Chargeable u/s 28(ii)(a)
Answer:D
Manager of XYZ Ltd. since 2005 was terminated by the company on 1st August, 2018 by paying a compensation ₹ 200 lakh. Such compensation is -……………
A. Chargeable under the Wealth-tax Act, 1957 B. Not chargeable under the Income-tax Act, 1961 C. Chargeable u/s 17(3)(i)(d) D. Chargeable u/s 28(ii)(a)