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Samkit Maniar | Answer |Ask -Follow

Tax Expert - Answered on Jun 19, 2024

CA Samkit Maniar has eight years of experience in income tax, mergers and acquisitions and estate planning.
He has graduated from Mumbai’s N M College of Commerce and Economics and has completed his CA from The Institute of Chartered Accountants of India."... more

Question by udesh on Jun 11, 2024Hindi

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sir, I have taken leave encashment in last financial year, while filling the income tax return how can i claim for tax exemption.

Ans: This will reflect in your Form 16 and will need to be captured in he ITR correctly.

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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Dear sir , I have resigned from one private company and joined another private company. while leaving previous company I have encashed accumulated leave. Is tax exemption for leave encashment under 10(10AA) applicable to me ? if yes to what extent?

Ans: Leave encashment will be exempt upto amount calculated as least of following as per Budget proposal for FY 23 24

i) 25,00,000
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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

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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

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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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