Taxability of leave encashment
This query is : Resolved
03 July 2020
A person who is retired from nationalised bank during the Financial year 2018-19. He got 10 lakhs as leave encashment. How much is exempt taking into account CBDT Exemption notification with regard to leave encashment to bank employees at the time of retirement
03 July 2020
The least of the following shall be exempted:-
Leave encashment actually received
10 months “average salary”
Cash equivalent of unavailed leave calculated on the basis of maximum 30 days leave for every year of completed service.
Amount specified by the Govt i.e. Rs. 3,00,000
Leave encashment actually received
10 months “average salary”
Cash equivalent of unavailed leave calculated on the basis of maximum 30 days leave for every year of completed service.
Amount specified by the Govt i.e. Rs. 3,00,000
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