Severance pay doesn't absolve you from advance tax payment; Know how much tax to pay and advance tax schedule to follow

Severance pay received after job termination is taxable. Individuals must pay advance tax by March 15 to avoid penalties. This payment is treated as salary income and taxed at normal slab rates. Ensure your employer deducts the correct tax. If not, you are liable to pay advance tax. Failure to comply can lead to interest charges.

from Tax-Wealth-Economic Times https://ift.tt/59A4WZG