Leave Encashment
This query is : Resolved
27 March 2009
In case of change in jobs in a year whether leave encashment received from previous employer if received below Rs 300000 is taxed or not U/s 10(10AA).Secondly whether this limit is based on cumulative basis or not.
27 March 2009
The first calculation will be propotionatly and in second one maximum exemption limit will reduce to (Rs 300000- Exemption granted earlier).
27 March 2009
It shall be exempted u/s 10(10AA) minimum of following
a) Actual amount received as leave salary
b) Rs. 300000/-
c) 10 * Average salary p.m.
d) To the maximum of 30 days (normally taken as 1 month) average salary for every completed year of service, subject to deduction for actual leave availed during the tenure of service.
Earlier deduction claimed for leave encashment:
While claiming the statutory amount (i.e. Rs.300000) any deduction claimed earlier as leave encashment shall be reduced from Rs.300000
a) Actual amount received as leave salary
b) Rs. 300000/-
c) 10 * Average salary p.m.
d) To the maximum of 30 days (normally taken as 1 month) average salary for every completed year of service, subject to deduction for actual leave availed during the tenure of service.
Earlier deduction claimed for leave encashment:
While claiming the statutory amount (i.e. Rs.300000) any deduction claimed earlier as leave encashment shall be reduced from Rs.300000
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting our of sec 44AD
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Copyright software
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Multiple trade mark
- Transporter Declaration form
- Regarding TDS Applicability For Director Remuneration
- Value of property in capital gain
- LC charges in relation to Asset purchased should be Capitalised ?
- Negative ITC in Table 4(A)(5)
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
