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Saturday, March 10, 2012

Direct tax Law 2011 (Solved)


Leave Encashment: Section 10(10AA)
Govt. employee only  i.e. Central and State Govt. employees
Any other employee
Fully exempt
Minimum of the following four limits:
                (i)            Leave encashment actually received; or
                (ii)           10 months average salary; or
                (iii)          Cash equivalent of unavailed leave calculated on the basis of maximum 30 days leave for every year of actual service rendered; or
                (iv)         Rs. 3,00,000

Meaning of salary
                (i)            Basic salary plus D.A. to the extent the terms of employment so provide plus Commission, if fixed percentage of turnover.
                (ii)           Average salary of last 10 months immediately proceeding the date of retirement.