Ltc encashment



Keywords: ltc encashment
Description: Leave Encashment is fully taxable in case received during the employment period. If leave encashment amount paid after retirement, exemptions would

While an employee is in service, he is allowed various types of leaves like Medical Leave, Gazetted Holidays, Casual Leaves etc. There are some types of leaves which can be carried forward to the next year whereas there are some leaves which cannot be carried forward to the next year.

In case an employee does not avail all the leaves which were allowed to him, he may also encash these leaves and earns salary for the no. of the days which were allowed to be taken as leaves but were not availed as leave. The policy of no. of leaves allowed to be taken and the leave encashment depends on the employer for whom you are working and different employers have different policies for leave encashment.

In case you have not taken leaves and have opted for encashing these leaves, your employer would be paying you some amount as leave encashment. The amount so received on account of encashing the leaves not availed would be liable to tax under head “Income from Salary”.

However, at the time of filing of income tax return. certain exemptions would be allowed from the amount received as leave encashment and the balance amount would be taxable as per the Income Tax Slab Rates in force for that year. The manner of computation would be as under:-






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