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Leave encashment
What is the limit of exemption for Leave salary received at the time of retirement of non government employees?
Replies (1)
Leave is exempt ot the following
1.leave salary received
2. 3,00,000.
3. 10 months salary ( based on average salary for last 10 months)
4. cash equivalent (based on average of salary for 10 months immediately preceeding the month of retirement) of leave standing credit to the account of assessee.
No of earned leave in a year does not exceed 30 days. for every year of actual service rendered
salary means basic salary plus DA as provided in terms of employment for retirement purposeplus commission as a percentage of turnover.
1.leave salary received
2. 3,00,000.
3. 10 months salary ( based on average salary for last 10 months)
4. cash equivalent (based on average of salary for 10 months immediately preceeding the month of retirement) of leave standing credit to the account of assessee.
No of earned leave in a year does not exceed 30 days. for every year of actual service rendered
salary means basic salary plus DA as provided in terms of employment for retirement purposeplus commission as a percentage of turnover.
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