Comment posted on Leave encashment non taxable by Ravindra.
Payment by way of leave encashment received by Central & State Govt. employees at the time of retirement in respect of the period of earned leave at credit is fully exempt.
Can you please confirm that a person serving in an Central Autonomous which is funded by Government (its expenditures are met through budget grant given by GoI) should be treated as Government Employee for the above rebate or not? The employee is governed by the pay-rules of GoI and Leave encashment is done on the basis of GoI rules which are applicable for Central Government Employees.
Recent comments by Ravindra
- Income tax calculator for 2012-13 and Budget 2012 update
(1) Is NPSemployer’s contribution For Assessment Year 2012-13 i.e FYR 2011-12 taxable (will it be added to income of employee and will come under the rebate limit of Rs. 1.00 lacs)?
NPS employer’s contribution from 01-04-2012 will tax free i.e. it will not be added to employee’s income?
- New Pension System(NPS)
I was working with an employer (a State Government Undertaking) with CPF option. Now I have Joined GoI organization under NPS. Now how can I transfer my CPF amount from old employer to new employer.
If not possible, can I withdraw my whole amount from prev employer and invest in some scheme. Will the withdrawl amount attract I-Tax. I have served prev employer for more than 24 years.