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Leave Encashment at the time of retirement
What are tax implications for leave encashment received at the time of retirement by an Bank of India employee?
Replies (2)
fully taxable subject to certain conditions
Dear VIGILANT BANKERS, LEAVE ENCASHMENT AT THE TIME OF SUPERANNUATION FULLY EXEMPTED FROM INCOME TAX W.E.F. 01.03.2018 FOR RETIREES RETIRED DURING 2018-19. WE OFFER OUR SINCERE THANKS TO SHRI M C GUPTA RETIRED SR. ENGINEER FROM SARAS DAIRY. MR I M AGRAWAL EX CM Union Bank FOR THEIR RELENTLESS EFFORTS WHO WAS TRYING HARD TO GET THE ANOMALY ADDRESSED BY CBDT. THE MESSAGE RECEIVED IS POSTED BELOW.
Good News for those retiree’s who retired in financial year 2018-19 and afterwards. When I was filing IT return I noticed that IT department has exempted income earned by way of earned leave encashment under Section 10 (10aa) which can be claimed under column:
Less:Allowances to the extent exempt u/S 10 under sub section 10 aa. All members retired in f/y 2018-2019 are advised to note it down and claim exemption under Leave Encashment. Regarding previously retired employees can claim it after filing revised return under the guidance of CA.
Regards
I M Agrawal
PL clerify
regards
narender gupta
Good News for those retiree’s who retired in financial year 2018-19 and afterwards. When I was filing IT return I noticed that IT department has exempted income earned by way of earned leave encashment under Section 10 (10aa) which can be claimed under column:
Less:Allowances to the extent exempt u/S 10 under sub section 10 aa. All members retired in f/y 2018-2019 are advised to note it down and claim exemption under Leave Encashment. Regarding previously retired employees can claim it after filing revised return under the guidance of CA.
Regards
I M Agrawal
PL clerify
regards
narender gupta
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