Different types of leave can be divided into four categories – paid, unpaid, voluntary, and involuntary.Paid leave is granted by the employer without any payment deduction. Unpaid leave is when an employee takes time off without pay. Voluntary leave is planned by the employee in advance to go...
The employer is expected to compensate the unused paid leaves, called leave encashment. If the employee continues to work in the organization after receiving the encashment, it is treated as a salary and not exempted from taxes. The organization will deduct the tax at the source. On the other...
For example, if the total monthly salary of an employee is Rs 30,000, and if the employee joins an organization on September 21, the employee will be paid Rs 10,000 for the 10 days in September. Since September has 30 calendar days, the per-day pay is calculated as Rs 30,000/30 =...
IS IT TAXABLE? IF TAXABLE, WHERE DO I SHOW THAT INCOME IN ITR1? IS ANY EXEMPTION ALLOWED FROM MEDICAL REIMBURSEMENT? 3) IS ANY TDS DEDUCTED FROM A GOVT. PENSION? IF YES, WHO IS THE DEDUCTOR? OR THE PENSION IS PAID IN GROSS AND I HAVE TO PAY ALL THE TAX MYSELF? Reply PG ...