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Tax on El encashment during service

Others 177 views 2 replies
Rate at which tax deducted if i encash 29 days EL.
Replies (2)
Usually at 5%. But you have to a pay as per your tax slab.

Firstly to calculate gross total income.then dedcut Deduction U/C VIA, Worksout tax as per slab, from total tax deduct earlier tax, To pay the balance tax amount.Tax depend upon taxable amount. El encashment is a part and componant of salary. El encashment should be added in 'Salary income".El encashment has not separate rate of tax.If taxable is less than  exampt limit, there will be no tax.If  yealy taxable income is more than 10 lacs, TDS rate would be 30%

 


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