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Priviledge Leave Encashment

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(Querist)
29 November 2021 Bank Employee at the time of retirement received Rs.7 Lakhs towards Priviledge Leave Encashment

My question is whether Bank employee comes under Central Government and full Rs.7 Lakhs would be exempt u/s 10(10AA) of The I T Act
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
29 November 2021 NO. BANK EMPLOYEES ARE NOT GOVERNMENTAL EMPLOYEES, EVEN IF THE BANKS ARE NATIONALIZED.

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