Central Government, having regard to the maximum amount receivable by its employees as cash equivalent of leave salary u/s 10(10AA)(ii) - S. O. 1015(E) - Income Tax

Central Government, having regard to the maximum amount receivable by its employees as cash equivalent of leave salary u/s 10(10AA)(ii) NOTIFICATION NO. S. O. 1015 ( E ) DATED 27-11-1998 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 thousands 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. 10749/F. No. 200/23/98-ITA-I]