SECTION 10(10AA) l LEAVE SALARY

74. Leave salary - Specification of exemption limit in relation to employees who retire, whether on superannuation or otherwise, within the specified period, under sub-clause (ii) of clause (10AA)

Notification 1

In exercise of the powers conferred by sub-clause (ii) of clause (10AA) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government, having regard to the maximum amount receivable by its employees as cash equivalent of leave salary in respect of the period of earned leave at their credit at the time of their retirement whether on superannuation or otherwise, hereby specifies the amount mentioned in column (2) of the Table below as the limit in relation to employees mentioned in that sub-clause who retire, whether on superannuation or otherwise, within the period mentioned in the corresponding entry in column (3) of the said Table :

table

Sl.

Amount

Period of retirement

No.

(Rs.)

 

(1)

(2)

        (3)

1.

73,400

1st July, 1986 to 31st December, 1986

2.

75,600

1st January, 1987 to 30th June, 1987

3.

77,760

1st July, 1987 to 31st December, 1987

4.

79,920

1st January, 1988 onwards.

Notification : No. SO 553(E), dated 8-6-1988.

Notification 2

In exercise of the powers conferred by sub-clause (ii) of clause (10AA) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government, having regard to the maximum amount receivable by its employees as cash equivalent of leave salary in respect of the period of earned leave at their credit at the time of their retirement whether on superannuation or otherwise, hereby specifies the amount mentioned in column (3) of the Table below as the limit in relation to employees mentioned in that sub-clause who retire, whether on superannuation or otherwise, within the period mentioned in the corresponding entry in column (2) of the said Table :

Table

Sl. No.

Period of retirement

Amount (Rupees)

 1.

1-4-1995 to 30-6-1995

  1,30,320

 2.

1-7-1995 onwards

  1,35,360

Notification : No. SO 249 (E), dated 26-3-1996.

Notification 3

In exercise of the powers conferred by sub-clause (ii) of clause (10AA) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government, having regard to the maximum amount receivable by its employees as cash equivalent of leave salary in respect of the period of earned leave at their credit at the time of their retirement, whether on superannuation or otherwise, hereby specifies Rs. 2,40,000 (Rupees two lakhs and forty thousand only) as the limit in relation to employees mentioned in that sub-clause who retire, whether on superannuation or otherwise after the 1st day of July, 1997.

Notification : No. SO 1015(E), dated 27-11-1998.

Notification 4

In exercise of the powers conferred by sub-clause (ii) of clause (10AA) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government, having regard to the maximum amount receivable by its employees as cash equivalent of leave salary in respect of the period of earned leave at their credit at the time of their retirement, whether superannuation or otherwise, hereby specifies the amount of Rs. 3,00,000 (rupees three lakhs only) as the limit in relation to employees mentioned in that sub-clause who retire, whether on superannuation or otherwise, after the 1st day of April, 1998.

Notification : No. SO 588(E), dated 31-5-2002