Answers On Topic: LEAVE ENCASHMENT EXEMPTION
I RETIRED ON JULY 2015 AND RECEIVED LEAVE ENCASHMENT OF RS 638000/- PLUS AND GOT EXEMPTION OF TAX ON RS 300000/- AND PAID TAX ON BALANCE. AS PER CBDT NOTIFICATION THE LIMIT ENHANCED TO RS. 25 LAC HENCE NEEDS TO BE REVISED AND REFUND. PLEASE LET ME KNOW WHETHER I AM ELIGIBLE TO CLAIM IF NOT PLEASE PROVIDE THE DOCUMENTARY REASONS. AS MANY OF THE ITAT CASES DECIDED IN FAVOUR OF THE PENSIONERS. REGARDS GULSHAN ARORA CONTACT 9811922049 MAIL gularora123@gmail.com
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I retired from SBI on 30.11.21 Can I claim exemption now upto 2500000 by filing revised ITR
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I retired from Bank on Jan 31, 2021. As per then IT rules, tax was paid on leave encashment over and above 3 lakhs for the amount being 20 lakhs. I tried for full exemption but in online form it was not accepted stating that I am not a government employee. In 2023, the exemption limit was enhanced to 25 lakhs from 3 lakhs. I felt cheated. As I observe, a person retired in FY 2020-21 like me, claiming such exemption through ITAT, succeeded in getting exemption. I also want to avail this exemption. How it will be done.
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Can the leave encashment received from Company1 on resignation be claimed under section 10(10AA) even when you switch to a new company.
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Leave encashment benefits received by the salaried class at retirement, whose limit has been hiked from ₹3 lakh to ₹25 lakh in the Budget, will be tax-free in their hands under the new income tax regime even if they switch to it in the year of retirement, Revenue Secretary Sanjay Malhotra told. IS THIS FACILITIES ARE AVAILABLE ON ACCURAL BASIS OR PAYMENT BASIS, SUPPOSE A PERSON HAS BEEN RETAIRED FROM PSU SERVICE ON 31.10.2022 BUT HIS FINAL SETTLEMENT IS NOT YET DONE TILL TO DAY i.e. GRATUITY , LEAVE ENCASHMENT IS NOT YET PAID, MY QUESTION IS CAN HE AVAIL…
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Exemption of tax on leave encashment