INCOME TAX ON LEAVE ENCASHMENT OF PSU EMPLOYEES
This query is : Open
09 January 2021
Is there any new ammendment regarding income tax on leave encashment on superannuation of bank employees. It is heard that some people who are retired after 1.4.2018 are getting refunds on leave encashed on supernnnuation. Earlier PSU emplyees were not considered as govt employees for this particular purpose. Is there any revision on the upper limit as per section 10 10 aa which was 300000/- earlier.
09 January 2021
No. PSU and Bank employees are still not considered as Government employees. Rs.3.00 lakhs as the limit for taxation of leave encashment still stands
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