FIND THE ANSWERS

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

Answer this question

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


Answers

Answer #1 | 18/12 2013 05:54
In my view you can add the same to your income in your tax returns to be filed next year. I feel there is no need to report it to the new company. If you are so particular ask about the same with your new company and do as per their advise.
Answer #2 | 19/12 2013 08:58
Leave encashment will be taxable in your hand. 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

Possible answer