Leave encshment formula
This query is : Resolved
22 November 2011
Pls give me leave encashment formula at the time of retirment/resignation of non govt employee.
22 November 2011
(ii)Leave salary given to other employee (non Central/State Government employee is exempted as per detail below.{section 10(10AA)(ii)}
Least of following will be exempted.
Leave encashment Actually received.
Last 10 Month average salary .(average salary explained below)
Maximum amount fixed by the Government from time to time (given below)
Cash equivalent of salary in respect of the period of earned leave to the credit of the employee only at the time of retirement whether on superannuation or otherwise calculated maximum by 30 days maximum for every year of actual service rendered to employer from whose he has retired.
Least of following will be exempted.
Leave encashment Actually received.
Last 10 Month average salary .(average salary explained below)
Maximum amount fixed by the Government from time to time (given below)
Cash equivalent of salary in respect of the period of earned leave to the credit of the employee only at the time of retirement whether on superannuation or otherwise calculated maximum by 30 days maximum for every year of actual service rendered to employer from whose he has retired.
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