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Mihir

Mihir Tanna  |1018 Answers  |Ask -

Tax Expert - Answered on Nov 02, 2023

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more
Asked by Anonymous - Oct 02, 2023Hindi
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Dear sir, i was an ex-PSU employee & retired on 31.01.23. I received my post-retirement leave encashment pay in the month of APRIL. Now, am I eligible for tax exemption of Rs 25 lacs ( earlier 3 lacs) on leave encahment which has been declared in the budget FY 23-24? so, can i claim this exemption for filing itr AY 24-25?

Ans: In pursuance to the proposal in the Budget Speech, 2023, by the hon’ble FM,
the Central Government has notified the increased limit for tax exemption on leave
encashment on retirement or otherwise of non-government salaried employees to Rs.
25 lakh w.e.f. 01.04.2023.

There is no change for gov empleoyee. While in the case of Central/State Government employees, the entire leave encashment is exempt from tax
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Career
How many marks is required in neet to get admission in iisc bangalore
Ans: IISc is a premier institute. When planning to join a prestigious institution, it's important not to focus solely on the eligibility criteria. Generally, the minimum eligibility for admission varies between 50-60%. This means that if you have at least 60% marks in the required subjects, you still may not guarantee admission, as many aspirants intend to pursue their studies at the same institute. Consequently, competition can be intense, and some applicants might not secure a place.

Please note that the admission selection process typically involves an entrance exam conducted either by the institute itself or by a testing agency. According to your query, the basic eligibility to pursue an undergraduate program at IISc is 60%, and candidates are also required to appear for the entrance exam.

For your reference, I have extracted this information from the IISc website. If you need any further details, kindly feel free to POOCHO. LIFE CHANGE KARO!

Eligibility criteria
Applicants must be Indian nationals, OCI/PIO/Foreign Nationals to apply for IAT 2025.

The candidates must have passed the Class XII (or equivalent) examination with science stream from any board recognized by the Council of Boards of School Education (COBSE) in India. Foreign Nationals need to upload an equivalence certificate issued by the Association of Indian Universities unless they have passed the Class XII or equivalent level examination from any board recognized by the Council of Boards of School Education (COBSE) in India. The equivalence certificate must be uploaded while submitting the IAT 2025 Application Form under "Please upload copy of document supporting your claim of Foreign National (You'll need to produce original when necessary)".

Candidates should have been born on or after October 01, 2000. Five years of age relaxation is given to SC, ST, and PwD candidates, i.e, these candidates should have been born on or after October 01, 1995. Note that, there is no restriction based on the completion year of Class XII.

Candidates must have taken at least three subjects among Biology, Chemistry, Mathematics and Physics during their Class XII (or equivalent) examination.

Candidates belonging to SC/ST/PwD are required to score a minimum of 55% marks in aggregate or equivalent grade in their Class XII (or equivalent) examination. Candidates belonging to other categories are required to score a minimum of 60% marks in aggregate or equivalent grade in their Class XII (or equivalent) examination.

NOTE:
Candidates belonging to Kashmiri Pandit/Kashmiri Hindu Families (Non-Migrants) may apply for the IAT 2025 as Kashmiri Migrants subject to the fullfillment of other eligibility criteria. These candidates must upload a valid domicile certificate at the time of application under "Kashmiri Migrant Certificate".

Admission to IISERs
Admission to IISERs is exclusively through the IISER Aptitude Test (IAT), which is a computer-based test scheduled on Sunday, May 25, 2025 at 9:00 AM, at various centres across the country.

Performance Criteria in Class XII (or equivalent examination)
Candidates whose Class XII (or equivalent) examination results have not yet been declared can apply for IAT 2025. However, their admission will be subject to fulfilling the minimum eligibility criteria given above.
For candidates who have appeared in the Class XII (or equivalent) examination multiple times (for whatever reasons), the best of the performances in terms of aggregate in a given year will be considered.
If a board gives aggregate marks considering both Class XI and Class XII, then only Class XII (or equivalent) examination marks will be considered. If a board gives aggregate marks considering the results of all three years of a 3-year diploma or courses of equivalent duration, then only the marks scored in the final year will be considered. Similarly, the marks scored in the final two semesters will be considered for boards that follow a semester system.
If a board awards only letter grades without providing an equivalent percentage of marks on the grade-sheet, the candidate should obtain a certificate from the board specifying the equivalent marks and submit it before the deadline of the mark-sheet submission. In case the board does not provide such a certificate, the percentage marks will be assessed as follows:

percentage marks = (CGPA or CPI obtained × 100) / PS,
where PS is the maximum value of the point scale used by the respective board.
Reservation Policy
Reservation policies as mandated by the Govt. of India will apply
Scheduled Caste (SC) - 15% of seats
Scheduled Tribe (ST) - 7.5% of seats
Other Backward Classes belonging to the Non-Creamy Layer (OBC-NCL) - 27% of seats
Persons with Disability (PwD) with at least 40% impairment - 5% of seats (horizontal, within the same category)
Kashmiri Migrants - 3 seats per IISER (supernumerary)
Economically Weaker Section (EWS) - up to 10% (as per Government of India rules)
Note that the EWS/OBC-NCL certificate should be issued on or after April 01, 2025

...Read more

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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