Menu
Leave Enchment for Bank Employee
I Retired from Bank S BI on 05.01.2019 received Rs.800000 from leave Encashment.it is fully Exempted under section 10(10A) or not.
Replies (2)
Quick Summary
PSU employees are considered as non-government employees.
Hence, not fully exempt. Least of the following is exempt [10(10AA)(ii)]
- Rs. 3 lakh
- LS actually received
- 10 months average salary2
- Unutilized earned leave1 X average monthly salary/30
Note-1: earned leave entitlements cannot exceed 30 days for each completed year of service ignore fraction
Note-2: Average Salary3 of last 10 months immediately preceding the retirement
Note-3: Salary = Basic + DA (if part of retirement benefits) + commission as a fixed percentage of turnover
For Bank employee it's not Fully Exempt.
it's Exempt up to limit as mentioned Above by Mr. Deepak Gupta
it's Exempt up to limit as mentioned Above by Mr. Deepak Gupta
Recent Topics :
- LTCG - SEC54
- Foreign remittance from our client for Co Working
- UDIN generation
- Reply plz guys
- Tax Deduction and Collection Account Number
- Where can students practice XAT PYQs effectively?
- Gst on Guest house 5% without ITC
- How do you collect documents from clients for ITR
- GST ITC on Construction/ Tenant Specific Renovatio
- GST Treatment and Reporting of Share & Mutual
Related Topics :
CAclubindia
