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amount received as leave encashment after little less than 2.5 years is taxable and should it be reported to n?

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  • amount received as leave encashment after little less than 2.5 years is taxable and should it be reported to n?


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Answer #1 | 19/12 2013 06:28
Leave encashment at the time of retirement/ leaving job is exempt or partially exempt u/s 10(10AA) Exempt least of the following: Actual Receipt Standard Limit=3,00,000 (maximum- reduced by an earlier exempted amount) Total salary of preceding 10months from the date of retirement average salary of 10months X leave credit http://www.taxfaq.in/taxability-on-leave-salary-sec-1010aa.html http://www.taxfaq.in/encashment-of-leave-salary-at-the-time-of-retirement-by-employees-section-1010-aa-ii.html

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