Pursuing CA (Working) (149 Points)
26 March 2015Dear All,
Request you to kindly guide me on taxability of below A.Y 15-16 (FY 14-15) for retired govt employee:-
1. Amount received on retirement / superannuation from GPF and
2. Encashment of earned leave
3. payment of Self Assessment tax with due date
4. Can other person pay self assessment tax on behalf of retired person through internet banking (pls mention challan no used to deposit tax)
Note:- Retirement date is Aug 2014.
Thanks in advance
J. K. Ratan
(Compliance Advisor)
(794 Points)
Replied 26 March 2015
Dear Sir
1. Maturity amount received after completion of 5 yrs of employment or on Retirment/Resignation/Termination are fully exempt under Section 10(11) and Section 10(12) of income tax act 1961.
2. Encashment oh earned Leave by central or state govt. employee's are fully exempt under section 10(10AA)(i) of the encome tax act 1961.
3. you could pay your self assessed tax by filing challan no. 280.
4. Yes any one can paid tax on behalf of the liable assessee based on their PAN.
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