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Arrears encashment
Bank employee received arrears of leave encashment after retirement.what is the treatment as per income tax law?Can he take exemption this year?
Replies (4)
Yes, The exemption is based on the calculation specified in Section 10(10AA)(ii). Maximum limit is Rs. 25Lakhs.
He had taken exemption 3 lakhs last year on retirement.He received arrear on leave encashment this year.Now limit is 25 lakhs so again can he take exemption?
No. When he retired the limit was 3 lakhs; additional is taxable.
Taxable
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