Taxability and tds on leave encashment
This query is : Open
02 July 2014
Dear All,
We are facing a peculiar problem while deducting tds on payment of Leave Encashment at the time of retirement.
The first question is when the leave encashment accrues to the employee for assessing taxability of the same?
For ex- If Mr. A is retiring on 31st March,2014 whether Income of Leave encashment will accrue on 31st March,2014(on the last day of service)(in the F.Y. 2013-14) or on 1st April,2014 (on the first day after retirement) (In the F.Y. 2014-15). Mostly it is paid after two or days of retirement.
Second issue us when tax on the same will be deducted?.
We are facing a peculiar problem while deducting tds on payment of Leave Encashment at the time of retirement.
The first question is when the leave encashment accrues to the employee for assessing taxability of the same?
For ex- If Mr. A is retiring on 31st March,2014 whether Income of Leave encashment will accrue on 31st March,2014(on the last day of service)(in the F.Y. 2013-14) or on 1st April,2014 (on the first day after retirement) (In the F.Y. 2014-15). Mostly it is paid after two or days of retirement.
Second issue us when tax on the same will be deducted?.
05 July 2014
Kindly give any suggestions
06 July 2014
Kindly send me your suggestion
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