Tax on El encashment during service
Monu Garg (1 Points)
18 November 2018
Rate at which tax deducted if i encash 29 days EL.
2 Replies
raja sekar
(1435 Points)
Replied 18 November 2018
Usually at 5%. But you have to a pay as per your tax slab.
sadashiv Rupchand Gaikwad
(Proprietor)
(521 Points)
Replied 18 November 2018
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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