An employee of a public limited company received ₹3,00,000 as encashment of leave salary at the time of retirement. He has 18 months' leave to his credit at the time of retirement and his average salary for last 10 month
CS Executive · Tax Laws and Practice · PYQS · December 2016
An employee of a public limited company received ₹3,00,000 as encashment of leave salary at the time of retirement. He has 18 months' leave to his credit at the time of retirement and his average salary for last 10 months is ₹24,000. The taxable amount of leave encashment would be —
Answer & Explanation:
Correct Answer: Option (C)
Official answer key: (C).
Topics: Income Tax
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