Leave encashment on retirement
This query is : Resolved
Milind Rishi
(Querist)
19 July 2023
Sir,I have retired from state Bank of India in sept.2022.I received Rs.1131310/- as leave encashment amount i.e 8 months salary balance.Bank has deducted Rs.226262/-tax on this.Can I claim refund of this amount.Please clarify.
CA R SEETHARAMAN
(Expert)
19 July 2023
No you can't claim refund.
The central government has notified the increased limit for tax exemption on leave encashment on retirement or otherwise of non-government salaried employees to ₹25 lakh w.e.f. 01.04. 2023,"
The central government has notified the increased limit for tax exemption on leave encashment on retirement or otherwise of non-government salaried employees to ₹25 lakh w.e.f. 01.04. 2023,"
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