leave in cashment amount received after the retirement?
is this taxable ?
if not the which section it is exempt?
Menu
leave encashment after the retirement
Replies (1)
No tax exemption is available for earned leave encashed during the service period.
The amount of earned leave you encash will be taxable as salary income in your hands. encashment of earned leave at the time of retirement is exempt from tax, subject to certain conditions and up to a maximum amount of Rs 3 lakh. The total amount of earned leave will be calculated as 30 days leave for every one year of completed service. The average salary for the past 10 months is taken into account for calculating the encashment amount. At the time of retirement, the amount of leave encashed during the service period will be reduced from the total amount calculated.
Recent Threads
- Buy back of capital goods
- Foreign professional income.
- RCM Paid by NBFC
- TDS not deposited by the deductor
- Electricity bill check online – need guidanc
- Assessmet Procedure us 147
- My deduction under 80 g is wrong and I should have
- GST utility 3.2.3 json not generating
- SCh FA declaration - guidance on the filling of th
- Foreign income and bank account
Related Threads
CAclubindia
