Salary head
how we deal with it
when we are calculating leave salary after retirment
but tell me this
Guest
Leave encashment is taxable.
Leave can be encash by the following way :
1). As on financial year closing.
2). As on full and final payment (When you left the job)
3). When you get retirement.
Whenever it accured or paid, it'll be treated as taxable.
Leave Encashment received at the time of retirement is taxable subject to following deduction u/s 10(10AA).
1)300000/-
2)Leave Encashment received.
3)10 Month's average salary
4)Leave encashment taking 30 days a year standing to the credit of the employee.
Salary = Basic + DA + Commission.
how we calculate
4) Leave encashment taking 30 days a year standing to the credit of the employee.
plz help
A Co. is allowing 45 days per year as a leave.
An Employee has worked for 23 years and availed 90 days during his employment.
So leave standing to his credit will be:
23*30=690-90=600 days i.e 20 months.
If you have further doubts, you can revert back to me.
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