If an employee, at the time of service, wishes to surrender his pending leave and wants to encash them. That amount is taxable or exempt? At the time of working.
When he resigns or ends of service, that amount will be exempt subject to section 89.
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Leave encashment at the time of service
Replies (1)
1) At time of working leave encashment is fully Taxable under the head income from Salary .
2) After retirement or otherwise exemption as per section 10(10AA) of the Income tax act 1961. please refer section .
2) After retirement or otherwise exemption as per section 10(10AA) of the Income tax act 1961. please refer section .
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