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“How to Handle Taxes on Employment Termination Compensation Under Section 56(2)(xi)”

In today’s dynamic professional landscape, employees may receive compensation for the termination of employment or modification of their terms of service. Such payments often raise questions about their taxability. Under the Income Tax Act, 1961, Section 56(2)(xi) governs the

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When Is Compensation Received Under a Business Contract Taxable? Complete

Introduction In the course of business, contracts often include clauses for compensation due to breaches, cancellations, or modifications. The Income Tax Act, 1961, provides specific rules for taxing such compensation. Understanding the tax implications of compensation received under a

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