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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Retiree Receives Leave Salary; Section 10(10AA) Exempts Rs. 2,40,000 for Unused Leave from Taxable Income.</h1> An individual retired from a company after nearly 31 years of service, receiving a leave salary of 5,00,000. At retirement, the basic pay was 22,000 with a dearness allowance of 4,000, half of which counted towards retirement benefits. The employee was entitled to three months of leave per year, having used seven months and encashed four months of leave. The average salary was calculated as 24,000. For unavailed leave, the exemption under Section 10(10AA) was determined to be 2,40,000, which is the least of the calculated amounts, including the statutory limit of 3,00,000.
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