Enhanced Tax Exemption on Leave Encashment: Non-Government Salaried Employees in FY 2023-24

| Last updated: 06 July 2023

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The UK government has significantly increased the tax exemption limit for leave encashment upon retirement for non-government salaried employees. Effective from April 1st, 2023, this limit has risen from £3 lakh to £25 lakh, providing a substantial financial advantage. This change aims to better reflect current economic conditions and offer greater tax savings for private sector workers nearing retirement.

Introduction The Finance Ministry recently announced a significant increase in the tax exemption limit for leave encashment on retirement for non-government salaried personnel. The limit has been raised from ₹3 lakh to ₹25 lakh, effective from April 1st, 2023. This change aims to provide substantial financial benefits to private sector employees who retire or superannuate on or after April 1st, 2023. Contents [Hide] What is Leave Encashment Process of Leave Encashment Ex

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1 Year PLAN

1999

(Excl. of GST ₹359)

BEST VALUE

2 Years PLAN

3499

(Excl. of GST ₹629)

3 Months PLAN

999

(Excl. of GST ₹179)

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About the Author

CA Rakesh Ishi

Working at Private Company

I am a Chartered Accountant currently employed in a company, bringing forth extensive experience in the realms of accounting, finance, and taxation. Leveraging my professional qualifications, I possess profound knowledge of diverse financial and accounting principles, utilizing this expertise to facilitate my company i ... Read more

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