bank employees union send a circular regarding leave encashment limit exemption raised to Rs.25 lakhs with retrospective effect from 2016. shall I claim exemption which I retired in 2022. is there any department circular
Menu
Leave encashment exemption limit
Replies (1)
The tax exemption limit for leave encashment for non-government employees has been increased to ₹25,00,000 under Section 10(10AA). Income Tax India
✔ The notification took effect from 1 April 2023. Income Tax India
✔ There are ITAT rulings allowing use of the ₹25 lakh limit retrospectively to earlier retirements in similar factual situations. The Economic Times
✔ If you retired in 2022, you may be able to claim the higher exemption for that year, but you might need to approach the AO/AIT appeal or rectification process.
Recent Threads
- Rcm invoices and normal invoice
- Regarding STCG on Equity
- GSTR 9 details with same PAN & different Turno
- Hotel ITC
- ITR for Trust- 12A
- Proprietorship to Pvt Ltd - Is Slump Sale / BTA ma
- Pan and Aadhaar Link Issue
- Fund Transfer to Foreign Country and TCS provision
- ITR updated return
- Company change Status from CIRP into Active
Related Threads
CAclubindia
