Leave Encashment - Tax Free Form

LEAVE ENCASHMENT [Section 10(10AA)] Employee Code:

Name:

Name of Company: Date of Resignation:

Date of Joining:

Note: If employed for less than 1 year, Leave Encashment is Fully Taxable. If Leave Encashment Paid While In Employment it is Fully Taxable.

Number of days earned leave entitlement:

days

Salary on resignation date: Rs. Average Salary drawn during 10 months prior to retirement: Rs. Notes: Salary for leave encashment purpose consists of, Basic Salary, D.A. (if it qualifies for retirement benefits), and commission based on fixed percentage of turnover -but excludes all other allowances and perquisites.

Leave Encashment is exempt to the extent of the minimum of the following four amounts: Rs.

1.

Leave Encashment actually received:

2.

10 months' "Average" Salary:

3.

Cash equivalent of unavailed leave calculated on the basis of maximum 30 days leave for every completed year of service. The cash equivalent is to be calculated on the basis of the "Average" Salary.:

4.

300,000

Not exceeding:

Taxable Leave Encashment Rs. Tax Free Leave Encashment Rs. Total Leave Encashment Rs.

Cyrus Paymaster

Digitally signed by Cyrus Paymaster DN: cn=Cyrus Paymaster, o=Paymaster services, ou, [email protected], c=IN Date: 2009.11.27 21:40:04 +05'30'