Budget 2023: Big jump in leave encashment limit for non-govt staff
Income Tax
- Feb 02, 2023
- In a positive move for taxpayers, the government has increased the limit for leave encashment from Rs 3 lakh to Rs 25 lakh, Finance Minister Nirmala Sitharaman announced while announcing Budget proposals for the financial year 2023-24
“The limit of Rs 3 lakh for tax exemption on leave encashment on the retirement of non-government salaried employees was last fixed in the year 2002, when the highest basic pay in the government was Rs 30,000 per month. In line with the increase in government salaries, I am proposing to increase this limit to Rs 25 lakh,” the FM said.
Search
Categories
Recent News
- income Tax
- Implementation of Mandatory Mentioning of HSN Codes in GSTR-1
- Advisory on Sequential Filing of GSTR-1
- Finance Minister Proposed, Common ITR form for all Taxpayers
- Finance Ministry Extends ITR Filing Deadline for Companies
- CBDT Extends Deadline for Filing TDS for Non-Salary Transactions
- Change Your Income Tax Regimes While Filing Revised ITR
- Finance Ministry say, "Taxpayers check AIS quarterly & report discrepancies"