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leave encashment tax treatment, Income Tax |
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leave encashment tax treatment |
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What will be tax leave encashment of following condition:-
1. When emplyee retirment from service
2. During the Service.
3 Leaving the of service/ termination
Example: Suppose A employee have 75 leave and basic salary of Rs. 200000 at the time of retirment/Leaving service/termination of service/During the service. please tell me what will be the tax of all condition.
Regards
Narendra
Posts / Replies Showing Replies 1 to 3 of 3 Records Page: 1
In all the cases 1. In hands of Employee: Exemption will be allowed upto 30 days of the last salary drawn. Salary means basic salary plus dearness allowance. Leave Encashment in excess of 30 days will be taxable.
For more details, please see Rule 2B of Income Tax Rules, 1962
For more details, please see Rule 2B of Income Tax Rules, 1962
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