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Nikunj Saraf |308 Answers |Ask -Follow

Mutual Funds Expert - Answered on Feb 04, 2023

Nikunj Saraf has more than five years of experience in financial markets and offers advice about mutual funds. He is vice president at Choice Wealth, a financial institution that offers broking, insurance, loans and government advisory services. Saraf, who is a member of the Institute Of Chartered Accountants of India, has a strong base in financial markets and wealth management.... more

Asked by Anonymous - Feb 04, 2023Hindi

I have retired from central PSU in October 2022. Whether my Earned Leave Encashment amount I received during my retirement is taxable during current year, since exemption amount increased from Rs. 3.00 Lakhs to Rs. 25.00 Lakhs.

Ans: Hello Investor

As a financial advisor, I would advise you to consult a chartered accountant for specific tax planning advice. They have expertise and in-depth knowledge of tax laws and regulations and can provide you with personalized strategies to minimize your tax liability. I can assist you in creating a comprehensive financial plan, but for tax planning, it is best to consult a tax professional.

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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Anil Rego |388 Answers |Ask -Follow

Financial Planner - Answered on Oct 07, 2022

Question by Sanjoy - Oct 07, 2022Hindi

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TAX IMPLICATION ON LEAVE ENCASHMENT AMOUNT ON NORMAL RETIREMENT FOR A PSU BANK EMPLOYEE I have retired normally from a PSU Bank. I have been given exemption of Rs 3 lakh from the leave encashment amount (eight months equivalent salary) on retirement and rest amount has been taxed by bank. As the Government employees are fully exempted, being a PSU bank employee, am I not eligible for the same benefit?

Ans: The PSUs and nationalised banks are not treated as central and state government employees. Hence for leave encashment, they cannot take the benefit of unlimited exemption.

For a PSU employee (including a PSU Bank), the maximum exemption allowed on leave encashment is Rs 3 lakh in your case.

Mihir Tanna |1018 Answers |Ask -Follow

Tax Expert - Answered on Sep 18, 2023

Asked by Anonymous - Sep 17, 2023Hindi

Money

I have received leave encashment on retirement in FY 24-25. But I have retired on January,23. Being a PSU employee , can i avail tax exemption of Rs 25 L on leave encashment Payment?

Ans: In all the relevant provisions of Sec 10(10AA) used the word "received". Thus, in my view, date of receipt is important and accordingly, if LTA is received in FY 2024-25, revised limit applicable from 1.4.2023 will be applicable

Mihir Tanna |1018 Answers |Ask -Follow

Tax Expert - Answered on Nov 02, 2023

Asked by Anonymous - Oct 02, 2023Hindi

Money

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

Mihir Tanna |1018 Answers |Ask -Follow

Tax Expert - Answered on Nov 02, 2023

Asked by Anonymous - Oct 10, 2023Hindi

Money

sir, i am an ex-psu employee & retired on 31st january, 2023. i have received leave encashment payment on retirement in april, 2023. Am i eligible to claim tax exemption of rs 25 lacs on leave salary while filing itr for fy 23-24? kindly advise.

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

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Asked by Anonymous - Feb 23, 2025Hindi

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CaN you list the nit in order for selection to cse group. Is trichi not in top list

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If you are satisfied with the reply, please follow me or ask again without hesitation.
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Sir I got 97.148 %ile and I am from OBC NCL category can i get a decent branch in any tier 1 NITs

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Ans: Hello
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If you are satisfied with the reply, please follow me or ask again without hesitation.
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Question by Harshit - Feb 23, 2025Hindi

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My percentile is 81.63 in jee mains can I get admission in any nit or iiits ?

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Question by SOUHARDYO - Feb 23, 2025Hindi

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I get 98.98 percentile in jee mains...can I get cse in NIT?

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My daughter get 89 percentile in JEE main 2025, she will get nit

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Question by Umamahesh - Feb 22, 2025Hindi

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Question by Anuj - Feb 21, 2025Hindi

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Ans: Congratulations on securing a 96 percentile in JEE Main 2025.
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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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