Leave encashment
This query is : Resolved
thotasrinivas
(Querist)
03 November 2015
what is meaning of encashment??
Amol S Joglekar
(Expert)
03 November 2015
in some of the organisation including Govt and semi govt organisations, leaves are allowed to be accumulated. Further, the leave so accumulated can be sold to employer at the rate for the month in which the leave is sold. it is regarded as leave encashment.
thotasrinivas
(Querist)
04 December 2015
when leave encashment taxable??
Amol S Joglekar
(Expert)
05 December 2015
yes. It is very much taxable. Leave encashment at the time of retirement, resignation etc is exempt subject to sec 10(10AA) of the income tax act
thotasrinivas
(Querist)
06 December 2015
thank u...
Amol S Joglekar
(Expert)
07 December 2015
you are most welcome.
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