Dear Sharma,
In the first place, dismissal and termination refer to the process of cessation of the contract of employment. But termination, in employment context, is a generic term embracing all types of cessation of job like resignation, voluntary retirement at the instance of the employee, retirement on attaining the age of superannuation as per the contract of employment, discharge, retrenchment, dismissal at the instance of the employer. Dismissal, on the contrary, is a consequence of disciplinary action on a/c of some serious misconduct committed by the employee within or outside the zone of his employment and attaches stigmatic consequences like deprival of terminal benefits, disqualification for future employment etc.