For many years terminal leave encashment above Rs.300000/- is taxable. Is it time to revise the limit. I think so.
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IT on terminal leave encashment
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Taxability of leave encashment is calculated on the least of the following exemption:
1) Amount notified by the Government
2) Actual leave encashment
3) Average salary for 10 months
So, we advice you to consult your CA for actual tax payable.
Current Limit is Rs.300000/- .
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