Leave encashment exemption limit at the time of retirement lic employee a.ym 24-25
Is maximum limit 3lkh or 25lkh
Leave encashment exemption limit at the time of retirement lic employee a.ym 24-25
Is maximum limit 3lkh or 25lkh
The exemption limit for leave encashment under Section 10(10AA) of the Income Tax Act is now ₹25,00,000 at retirement for non-government employees.
Amounts exceeding this cap are taxable as salary income in the year of retirement.
The ₹3 lakh limit was applicable prior to April 2023 and only applies to employees who retired before April 1, 2023. (AY 2023-24)
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