Hi,
Is the leave encashment deduction of 25L applicable to AY 2023-24?
I resigned from my previous employer (a non-government company) in Jan 2023, and received some amount of leave encashment that exceeds 3L but is below 25L.
Can I claim tax exemption upto the entire amount in AY 2023-24?
Summary: The increased exemption limit of ₹25 lakhs is effective from April 1, 2023. As your resignation and receipt of payment occurred in January 2023 (within FY 2022-23), the previous limit of ₹3 lakhs applies to your case for AY 2023-24.
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