SECTION 10 10 A A

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CLERK
31 Points Posted on 13 January 2021
IS THERE ANY RELAXATION IN UPPER LIMIT OF RS.300000/-.
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On 13 January 2021 at 07:10 Report
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This discussion clarifies the tax exemption for leave encashment under Section 10, which has an upper limit of Rs 300,000. The exemption is calculated as the least of three amounts: the actual leave encashment earned, the average salary for 10 months, or the value of leave earned based on 30 days' salary per month. Importantly, there is no relaxation available for exceeding this Rs 3 lakh limit.

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Chartered Accountant
24588 Points Posted on 13 January 2021
Leave encashment u/s 10 will be calculated as follows
(least of the following)

leave encashment is exempt upto 300000 rupees

actual leave encashment you earned during the year

10 months average salary you earned during the year

actual leave you taken and the leave allotted to you on the basis of 30days salary will be calculated
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On 13 January 2021 at 09:35
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17269 Points Posted on 13 January 2021
No relaxation in upper limit
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On 13 January 2021 at 09:39
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Tax consultant
5895 Points Posted on 13 January 2021
No above 300000 it
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On 13 January 2021 at 13:14

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