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Vivek Lala |220 Answers |Ask -Follow

Tax, MF Expert - Answered on May 18, 2023

Vivek Lala has been working as a tax planner since 2018. His expertise lies in making personalised tax budgets and tax forecasts for individuals. As a tax advisor, he takes pride in simplifying tax complications for his clients using simple, easy-to-understand language.
Lala cleared his chartered accountancy exam in 2018 and completed his articleship with Chaturvedi and Shah. ... more

Question by Dinesh on Apr 10, 2023Hindi

Money

Salary from March to February is considered for tax purposes in all govt offices. When one retires then is salary taxable for 13 months if retired on 31st March.

Ans: Hello, the taxability is for 12months i.e from 1st April to 31st March. Anything apart from this can be an adjustment for past or future salaries

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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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.

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Question by Dinesh - May 20, 2023Hindi

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Repeated question and considered your reply...My view: Govt employees have to pay tax on salaries from March to Feb of any year. But if a person retires on 31st March, then salary for 13 month has to be taken academically. Academically, we should recalculate previous years taxable income. Since, practically it is not convenient, so we should pay tax on 13 months salary. And there is no way to save tax on extra month salary. Pls confirm ...

Ans: Hi Dinesh
I do not understand why the financial year would be different for government employees. The taxation is always on income during the period April 1 of a year to March 31 of the subsequent year and there is no 13 month salary taxation concept

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Question by Rakesh - Jun 23, 2023Hindi

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I retired from Indian railway in June 2022. I received about 55 lakh on retirement from various heads - 23 lakh Provident fund, 9 lakh leave encashment , 13 lakh commuted pension, gratuity 12 lakh. Do i need to pay tax on above amounts?

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Asked by Anonymous - Sep 17, 2023Hindi

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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?

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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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