Answers On Topic: LEAVE ENCASHMENT EXEMPTION
I have filed petition u/s 119(2)(b) for A.Y.2021-22 (F.Y.2020-21) before the PCIT. The applicant had filed the original return of income and seeks condonation of delay in filing revised return of income to claim higher exemption on leave salary encashment. CBDT Notification No. 31/2023 dated 24.05.2023 issued vide F.No.200/3/2023-ITA-I. BUT THE CBDT REJECTED. I NEED TO FILE AN APPEAL AGAINST THIS PLEASE ADVISE
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We have some tenure employees some are for 3 months and some are for 6 months and rest are for 3 years. During the completion of the tenure of such employees they got some amount as leave encashment. No as a CABs we are treating as fully taxable for the tenure employees. We request you to guide for the further necessary action
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Leave encashment limit raised to 25 lakh for others on retirement wef 1.4.23. It is not date of retirement, it part amount recd in 2022 got exemption 3 lakh.now part amount recd in 2025 can avail remaining exemption limit?
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I had received my retirement L.Encashment in May 2022 and a tax deduction was made after a basic exemption of Rs.3 lakh. I came to know that the limit of Rs. 25 lakh is applicable to my case also. I worked in PSU . How should I proceed to get back the excess tax deducted earlier. Do I need to apply for condonation or a simple revised return to be uploaded.
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Sir I retired in july 2021 and claimed full exemption on leave encashment but now ito has allowed only 3 lac. what can be done.
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I am a bank employee retired on 31/10/2020 . I got leave encashment for rs 850000/- but beyond 3 lakhs tax has been deducted. Now my query whether I am eligible for exemption for full amount. If so any judgment copy is there. Thanks
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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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LEAVE ENCASHMENT.