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Several multinational companies, including Twitter, Meta, Google, and Amazon, have announced mass layoffs to reduce operational expenses. These companies are compensating their terminated employees to ensure they have enough to survive on before finding new employment. The severance pay is subject to taxation, with different types of severance pay depending on the nature of layoffs. For example, employees in government and PSUs may voluntary retire under VRS. According to section 10 Tennessee of the Income Tax Act 1961, severance pay up to 5 lakh rupees is exempt from tax. This exemption means that if an employee receives 15 lakh rupees as severance pay, only 10 lakh rupees will be taxable.
