22 December 2010
My query is- When a Non-government employee collects his Leave encashment at the time of retirement,the income to be exempted is from among the least of the given 4 amounts 1)actual receipt 2)Limit:3,00,000 3)Average salary*10 4)average salary*leave unutilised
While option 1 is self explanatory,how did government arrive at option 2,3 and 4. Hope it is not done arbitrarly.
CAclubindia
