Leave encashment at the time of retirement
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 February 2013
how do the calculation of cash equivalent formula in days or in month pleas give the answer
28 February 2013
For Leave encashment, least of following is exempted from tax:
1. Earned leave months x Average salary( Basic)( sec 10( 10AA))
2. Avg. monthly salary x 10
3. Maximum amount 3, 00,000
4. Actual amount received
Earned leave months would be (number of year of service*30) minus leave availed by you during your service.
Average monthly salary here means salary drawn by you in last 10 months immediately preceding the retirement.
1. Earned leave months x Average salary( Basic)( sec 10( 10AA))
2. Avg. monthly salary x 10
3. Maximum amount 3, 00,000
4. Actual amount received
Earned leave months would be (number of year of service*30) minus leave availed by you during your service.
Average monthly salary here means salary drawn by you in last 10 months immediately preceding the retirement.
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