Tds on leave encashment

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  1. Sambhu

    Sambhu New Member

    Sir,
    I am working with a public sector bank. One of my senior officer retired on november 31,2015. After retirement bank pajd leave encashment for 8 months ie.635000/_ to him, deducting tax for 335000/_ because of the exemption of 300000 for leave encashment.
    But in traces officer found tht amount credited 635000/_ but tax deducted only for 335000/_. Can we show the 300000/_ as exempted income while filing the returns?if yes which field or column used for that?
     
  2. ZED

    ZED Well-Known Member

    Leave encashment would form the income and not the entire tax amount. Kindly check the values again and ask query again.
     
  3. NITINSHARMA30921

    NITINSHARMA30921 New Member

    Leave encashment is a part of income on which deduction is available under section 10 of income tax act. You have to declare the net income chargeable under the head salary after giving deduction under section 10 as ITR form does not contain column for Section 10 deduction. Please let me know if you need any clarifications. Thnx
    Nitin
     
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