Tds on leave encashment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 April 2014
we have a client whose total taxable income is more than 10 lacs and has been transferred to a new organisation. now he received a sum of rs. 2,94,000 as leave encashment in the financial year 2014-2015 as only payment from his previous employee. my query is at what amount TDS should be deducted, i.e. on rs 2.94 lacs or only on rs. 0.94 lacs. and what should be the rate of TDS to be deducted.
11 April 2014
taxable as salary
amount will exempt lower following.
1)before retirement month average salary of 30 days for every complete year of services
2)rs. 300000
3) 10 month average salary
4) actual received
which ever is less will exempt from the tax.
salary includes basic pay + DA if include for PF/retirement purpose
amount will exempt lower following.
1)before retirement month average salary of 30 days for every complete year of services
2)rs. 300000
3) 10 month average salary
4) actual received
which ever is less will exempt from the tax.
salary includes basic pay + DA if include for PF/retirement purpose
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Stamp Paper for partnership firm change new income tax 2025
- Capital gain from sale of house property
- SFT Cash Deposit in Current Account
- Value of property in capital gain
- When TDS on GST applied
- Requirement of tax deduction at source by individual
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
