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Question ID : 40829

019493

It is learnt that the Leave encashment received by employees of LIC at the time of retiremnt is also eligible for full exemption u/s.10(10AA) after 01.03.2018 . can anyone support this view with notification ?

Posted by nagappan.sm on Sep 16, 2020

Filed Under Income From Salary

Answer ID : 81249

In case of any other employee, least of the following shall be exempt: Actual amount received 3,00,000 10 months Average Salary1 Average Salary x leaves at the credit of an employee (leaves cannot exceed 30 days for every completed year of service Average Salary = Average of salary drawn in the last 10 months immediately preceding the date of retirement. Salary includes basic pay, dearness allowance to the extent it forms part of retirement benefits and percentage wise fixed commission on turnover, LIC NON GOVERNMENT EMPLOYEE

Posted by Hari Beldona on Aug 25, 2021