I resigned from my previous employer and joined to the new employer.
i get a leave encashment from my previous employer rs. 8000 u/s 10(10AA) in to my form 16.
but employer updated into 26AS / AIS my salary income 32000 including 8000.
so can i take exemption into my gross total salary income or not.
kindly advice
Menu
Cash equivalent of leave salary encashment u/s 10(10AA)
Replies (1)
Summary: If you received the encashment at the time of resignation, it is partially exempt under Section 10(10AA). You should report the full amount in your gross salary in your ITR but claim the exempt portion under the "Allowances exempt under Section 10" section to reduce your taxable income. If it was received during your active service, it is fully taxable.
Recent Topics :
- “Income Tax Implications of Company-Related
- Advice needed: Hypothetical case of non-filing of
- Demand Raised for Cess Amount Despite Section 89 R
- WRONG BILL NO FILED IN GST R1
- Addtional trade name for my another firm
- Commission / Agency Business without books: REAL E
- Difference between AIS and 26AS data.
- Applicability of FCRA to Article Processing Fees (
- GST Return
- Practical queries on buy back of shares
Related Topics :
CAclubindia
