Calucation of leave encashment
This query is : Resolved
07 September 2011
Mr. x has resign from y ltd. at time of resign Rs 89811 as leave encashment for 38 days leave. his 10 month average salary is 40531 and total period of service is 14 year. what is taxable amount of leave encashment. leave unavail is 38
plz reply with calculation
plz reply with calculation
07 September 2011
Leave Salary Section 10(10AA)
In case of a non-government employee exemption is calculated as below:
1.Actual amount received ..Rs 89,811 or
2.Avg. Salary of last 10 months x balance leave calculated on 30 days
i.e 40531 x 10 x 38/30 = Rs 5,13,392
3. Avg Salary x 10 months
i.e 40531 x 10 = Rs 4,05,310
4. Rs 3,00,000
Whichever is lower of the above four
In case of a non-government employee exemption is calculated as below:
1.Actual amount received ..Rs 89,811 or
2.Avg. Salary of last 10 months x balance leave calculated on 30 days
i.e 40531 x 10 x 38/30 = Rs 5,13,392
3. Avg Salary x 10 months
i.e 40531 x 10 = Rs 4,05,310
4. Rs 3,00,000
Whichever is lower of the above four
07 September 2011
Computation of Taxable Leave & Encashment
In the hand of Mr. (For P.Y
Income Received as Leave Salary 89,811 Less:- Exemption U/s 10(10AA)
Actual Amount Received 89,811
Maximum Exemption 300,000
10 Month Average Salary 405310
CashEquivalent
You did not delcare avail and unavail leave leave during the job
In the hand of Mr. (For P.Y
Income Received as Leave Salary 89,811 Less:- Exemption U/s 10(10AA)
Actual Amount Received 89,811
Maximum Exemption 300,000
10 Month Average Salary 405310
CashEquivalent
You did not delcare avail and unavail leave leave during the job
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08 September 2011
leave salary as per section 10(10aa)
my calculation is also with both the experts..
my calculation is also with both the experts..
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