Tds on leave encashment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 June 2014
As you know due to retreachments many employees are laid off.
In July2014 , I was forced to leave my job
they paid me the amount of notice period.
I had 172 leaves accumulated from last 4-5 years. my employer paid me leaves payment but deducted the income tax as per 20 % slab.
I has read one case from Pune where High Court has given judgement saying resigning from one job is treated as tired from that company can I claim the TDS BACK?
Thanks in advance
In July2014 , I was forced to leave my job
they paid me the amount of notice period.
I had 172 leaves accumulated from last 4-5 years. my employer paid me leaves payment but deducted the income tax as per 20 % slab.
I has read one case from Pune where High Court has given judgement saying resigning from one job is treated as tired from that company can I claim the TDS BACK?
Thanks in advance
19 June 2014
you can claim the leave exemption u/s 10(10AA)(I)
1. cash equivalent of leave period (but for one year leave can no exceed 30days)
2. 10 month average salary
3. RS. 300000/-
4. actual amount received
which ever is less '
is exempt for taxation balance amount will include in your salary income. and tax accordingly.
for salary = Basic salary +DA for retirement purpose if include+
% commission of sales achived
1. cash equivalent of leave period (but for one year leave can no exceed 30days)
2. 10 month average salary
3. RS. 300000/-
4. actual amount received
which ever is less '
is exempt for taxation balance amount will include in your salary income. and tax accordingly.
for salary = Basic salary +DA for retirement purpose if include+
% commission of sales achived
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