Sir, Tax exemption on leave encashment on retirement for PSU employees is for 3 lacs as per IT dept. site. Recently it is 25 lacs from 01.04.23. We have received some messages that pre 01.04.23 retirees can also claim the tax deducted on amount over 3 lacs. As the limit earlier for non Govt employees was 10 times of Cabinet Secretary salary 30k X 10 i.e.3 lacs but the as the said salary increased many times but no notification was issued and the limit was kept only at 3 lacs. Only because no notification was issued PSU employees had to pay tax over 3 lacs.
Now from 01.04.23 it is rectified.
My query is can we, the pre 01.03 23 PSU retirees claim the refund by submitting revised ITR
PLEASE GUIDE
Thanks
CAclubindia
