Please give details of Tax calculation of a retiring Employee?
If a retiring female employee of Private Limited Company has to be settled who is due for substantial leave encashment (9 months salary) as per the Company rules and combined with salary and bonus already paid the total comes to around 3,50,000/- then how can the working be done and also how Form 16 would look like? The employee has no investments or housing loans at all. Please Help! Thanks!
Public Comments
- Just go the salary chapter and you will find out, there is restriction about the superannuation go through on it.
- section 91 is applicable in your case...there is a bunch of calculations to be done to claim rebate u/s91...make sure u approach a practicing chartered accountant else you will loose a lot of money as taxes.... whether retiring or not leave encashed is always taxable except in case of govt company (those bastards contribute so much to the country naa)...our laws are all screwed so that the common man is scrwed more..
