Question
Encashment of Earned Leave on Retirement
Answer :
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Encashment of earned leave on retirement refers to the payment received by an employee in lieu of unutilized earned leave at the time of retirement, whether on superannuation or otherwise. As per the Income-tax Act, the taxability of such payment depends on whether the employee is a government or non-government employee. In the case of a Central or State Government employee, the entire amount of earned leave encashment received at the time of retirement is fully exempt under Section 10(10AA)(i). For non-government employees, exemption is available under Section 10(10AA)(ii), subject to the least
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