Leave Encashment
This query is : Resolved
27 March 2009
In case of change in jobs in a year whether leave encashment received from previous employer if received below Rs 300000 is taxed or not U/s 10(10AA).Secondly whether this limit is based on cumulative basis or not.
27 March 2009
The first calculation will be propotionatly and in second one maximum exemption limit will reduce to (Rs 300000- Exemption granted earlier).
27 March 2009
It shall be exempted u/s 10(10AA) minimum of following
a) Actual amount received as leave salary
b) Rs. 300000/-
c) 10 * Average salary p.m.
d) To the maximum of 30 days (normally taken as 1 month) average salary for every completed year of service, subject to deduction for actual leave availed during the tenure of service.
Earlier deduction claimed for leave encashment:
While claiming the statutory amount (i.e. Rs.300000) any deduction claimed earlier as leave encashment shall be reduced from Rs.300000
a) Actual amount received as leave salary
b) Rs. 300000/-
c) 10 * Average salary p.m.
d) To the maximum of 30 days (normally taken as 1 month) average salary for every completed year of service, subject to deduction for actual leave availed during the tenure of service.
Earlier deduction claimed for leave encashment:
While claiming the statutory amount (i.e. Rs.300000) any deduction claimed earlier as leave encashment shall be reduced from Rs.300000
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