HI,
I have left emp1 and joined emp2 in the middle of financial year. I have got some amount ( which is very nominal and applicable for tax deduction as per rule 10(10AAA). My ex exmployer has given me that amount under the head "Leave Encashment" but has not considered while calculating tax on it. my Form 16 has no entry for this as leave encashment.
Now is there any way while filling income tax return i can take advantage of tax benefit on this amount?
Thanks
Keshav
show the amount in your return and pay self assesment tax u/s 140A
Thanks Sanjay.
How will I show this amount in return because it is not mentioned in Form 16. How will i show that it is leave encashement. I have no remaining tax, i will get refund as they have taken extra tax on Leave encashment.
Thanks
Keshav
I am under the impression that leave encashment on superannuation is not taxable. When an employee leaves a job, it is considered at par with superannuation.
Kindly advise.
CAclubindia
