Regarding query in tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 December 2010
My query is-
When a Non-government employee collects his Leave encashment at the time of retirement,the income to be exempted is from among the least of the given 4 amounts
1)actual receipt
2)Limit:3,00,000
3)Average salary*10
4)average salary*leave unutilised
While option 1 is self explanatory,how did government arrive at option 2,3 and 4.
Hope it is not done arbitrarly.
seeking for a rply.
When a Non-government employee collects his Leave encashment at the time of retirement,the income to be exempted is from among the least of the given 4 amounts
1)actual receipt
2)Limit:3,00,000
3)Average salary*10
4)average salary*leave unutilised
While option 1 is self explanatory,how did government arrive at option 2,3 and 4.
Hope it is not done arbitrarly.
seeking for a rply.
22 December 2010
these limits are deceided once, only option 2 is changed time to time.
The 10 month s salary under option 3 is based on maximum leave 300 days may be paid to a govt. employee.
The 10 month s salary under option 3 is based on maximum leave 300 days may be paid to a govt. employee.
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