Leave is not claimable as a matter of right. Where service exigencies require, the authority empowered to grant leave may refuse or revoke leave of any kind and may recall an employee on leave when necessary in the interests of the Authority's service. Earned leave lapses on cessation of service unless specifically preserved. An employee may not return to duty more than 14 days before approved leave expires without the granting authority's permission.

Leave-granting authority vests in the competent authority under the International Financial Services Centres Authority (Employees' Service) Regulations, 2020. Employees must address every leave application to the authority empowered to grant leave.

Employees may be granted casual, special casual, ordinary, sick, special, maternity or paternity, extraordinary, accident, study, and other Authority-specified special leave. Leave pay is drawn at the full or half rate according to the leave category availed. No pay is admissible during extraordinary leave.

Every employee must declare domicile in writing upon appointment and must establish it to the Competent Authority's satisfaction if it differs from the place of birth. A declared domicile may be changed only upon establishing that the change is bona fide, and no change may increase the Authority's cost of any employee concession.

Promotion-grade increment entitlement preserves the pre-promotional increment date where promotion occurs before the employee reaches the maximum of that grade's incremental scale. After the maximum is reached, the next promotional-grade increment is due one year after promotion. However, where a post-scale benefit, including personal allowance or stagnation increment, would accrue in the pre-promotional grade within one year of actual promotion, the promotional-grade increment is due on the date of that accrual.

On promotion, an employee's pay is initially fixed at the minimum of the higher-grade scale, with any positive difference from substantive pay in the former scale treated as personal pay. Upon confirmation in the higher grade, pay is re-fixed at the next higher stage above the former-scale substantive pay as on the confirmation date, if that amount exceeds the pay drawn at confirmation.

Increments accrue annually in an incremental scale for probationary, officiating and substantive service and are admissible from the first day of the accrual month. Higher-grade officiating service counts for increments in the substantive, officiating and applicable intermediate grades, while leave without pay is excluded unless authorised in writing. Increment withholding is confined to disciplinary action and must specify its duration and effect on future increments. Efficiency-bar advancement requires fitness certification, and stagnation increments may be granted at the final pay-scale stage.

Compensatory allowance, excluding pay, may be granted to employees required to work on holidays or additional weekday hours for the Authority's work. The Chairperson determines the applicable rate and circumstances for drawal. Special compensation allowance may be considered personally for contractually hired expatriates or Indian citizens working abroad or in India, subject to the Chairperson's recommendation and the Authority's approval, where the required expertise or talent is unavailable internally and cannot ordinarily be procured through the public sector or open market under approved recruitment rules.

Allowances are payable only to employees who are actually fulfilling, at the relevant time, the conditions governing their admissibility. Entitlement to payment depends on continuing compliance with the applicable conditions.

Pay and allowances cease to accrue when an employee ceases to be in service. In cases of dismissal, removal or compulsory retirement, they cease on the relevant date. Where an employee dies while in service, pay and allowances cease from the day following the date of death.

Pay and allowances are not payable for the part of a month during which an employee leaves or discontinues service without giving due notice, unless the competent authority waives that notice requirement.

Pay and allowances accrue from the commencement of an employee's service and are payable on the afternoon of the last working day of each month for service performed during that month. An employee proceeding on ordinary leave, excluding extraordinary leave, for a period of at least one month may obtain one month's pay and allowances in advance upon application.

Reassessment under Sections 147 and 148 cannot sustain independent additions where no addition is made on the income forming the recorded basis for reopening; a fresh notice is required for other income. Trading losses reported as business income remain allowable where trade-wise and scrip-wise details support the transactions and no material establishes accommodation entries. Corporate club membership fees incurred to facilitate business meetings, relationships and contacts are deductible where no evidence shows directors' personal benefit. Stock-exchange charges incurred in the ordinary course of business, including those arising from operational deficiencies or regulatory breaches, are not barred by the Explanation to Section 37(1) unless paid for an offence or an act prohibited by law.

Pay, allowances, welfare schemes and other employee benefits may be determined by the Authority at its discretion. Separate short-term recruitment arrangements may be used for senior expatriates or Indian citizens working abroad where expertise is unavailable domestically. Exceptional lateral recruits on deputation or absorption may receive a personal special compensation allowance where the required talent cannot ordinarily be sourced internally, from the public sector or through open-market recruitment. Improved pay packages may be offered to attract industry talent.

A promoted employee may be reverted to the previous grade without notice within one year of promotion for unsatisfactory probationary performance or other reasons recorded in writing. The Competent Authority may, at its discretion, grant one month's advance notice before reversion.

Promotion is discretionary, and seniority does not create a right to promotion. Employees completing at least three years of service are eligible for consideration when opportunities arise. Promotions against sanctioned vacancies are based on seniority, merit and suitability for Officers and Executive Assistants, and seniority-cum-fitness for Multi-Tasking Staff. Qualified secretarial staff and Multi-Tasking Staff may switch to corresponding Officer cadre grades subject to a departmental test and interview. Selection is considered by a Departmental Promotion Committee.

Seniority of confirmed employees is ordinarily based on the date of confirmation in the relevant grade. Direct recruits and employees switched to the officer cadre rank within their batch according to selection ranking. Absorbed deputationists are placed according to their date of joining, which may be treated as the confirmation date. Campus-selected employees rank according to post-training or departmental examination ranking. Annual seniority lists must be made available to employees, and outward deputation is barred during the first ten years of employment.

Employee service records must be maintained for every employee by the Authority at one or more designated places. The records must follow the form and include the information specified from time to time, establishing an administrative framework for preserving employee service particulars within the regime governing service records, seniority, promotion and reversion.

Superannuation requires retirement at 60 years of age, while compulsory retirement may occur after 55 years of age or 30 years of total service on written notice. Voluntary retirement is available after 50 years of age or 20 years of service, subject to appointment terms and notice requirements. Retiring employees may avail or encash unavailed ordinary leave up to the prescribed limit, and compensation may be considered in specified compulsory or voluntary retirement cases. Undertakings or bonds may secure liquidated damages for training-related or service-completion obligations.

Employee resignation requires prior written notice, with three months for regular employees and one month for probationers. The Chairperson may waive notice or compensation for breach, but earned leave cannot be adjusted against the notice period. Resignation takes effect only on acceptance by the Competent Authority, which may refuse acceptance because of disciplinary proceedings, an unexpired service obligation, unpaid sums, or another sufficient ground. Proper notice also requires the employee to remain on duty during the notice period.