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LEAVE ENCASHMENT
leave ENCASHMENT received by bank employee of Rajasthan marudhara bank after retirement is taxable or not and Rajasthan marudhara bank employee covered in govt employee?
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Quick Summary
Leave encashment received by Central or State Government employee at the time of retirement or resignation is fully exempt
Bank employee covered under govt employee?
For the purpose of income tax, PSU/nationalized bank/other banks are not considered as government employer. Accordingly, retired employees of public sector undertakings and nationalised banks ect. cannot be treated as government employees. They are not entitled to get full tax exemption on leave encashment after retirement or superannuation under section 10(10AA). Exemption available to them up to limit and as per criteria prescribed for non-government employee.
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