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Mihir

Mihir Tanna  |1062 Answers  |Ask -

Tax Expert - Answered on Feb 15, 2023

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more
Asked by Anonymous - Feb 02, 2023Hindi
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Dear sir , I have resigned from one private company and joined another private company. while leaving previous company I have encashed accumulated leave. Is tax exemption for leave encashment under 10(10AA) applicable to me ? if yes to what extent?

Ans: Leave encashment will be exempt upto amount calculated as least of following as per Budget proposal for FY 23 24

i) 25,00,000
ii) Actual leave encashment amount
iii) Average salary of last 10 months
iv) Salary per day * unutilised leave (considering maximum 30 days leave per year) for every year of completed service
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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