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Notification No. 123/2002-Income Tax Dated 31/5/2002

Notification No. 123-Income Tax 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
Notification No                 :        123
Date of Issue                    :        31/5/2002
Section(s) Referred          :        s. 10(10aa)(ii)
Notification No. S.O. 588(E), dated 31st May, 2002.
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. 123/2002/F. No. 200/23/98-ITA-I]
Categories: Income Tax
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