Specifies Rs. 3,00,000 as maximum amount received as leave encashment for the purpose of section 10(10AA) - 123/2002 - Income Tax

Specifies Rs. 3,00,000 as maximum amount received as leave encashment for the purpose of section 10(10AA) NOTIFICATION No. 123 Dated 31st May,2002 In exercise of the powers conferred by sub-clause (ii) of clause (10AA) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government, having regard to the maximum amount receivable by its employees as cash equivalent of leave salary in respect of the period of earned leave at their credit at the time of their retirement, whether superannuation or otherwise, hereby specifies the amount of rupees 3.00.000/- (rupees three lakhs only) as the limit in relation to employees mentioned in that sub-clause who retire, whether on superannuation or otherwise, after the 1st day of April, 1998. Sd/- (I.P.S. Bindra) Under Secretary to the Government of India F.N0.200/23/98-ITA-I