Income Tax : The Income Tax Department has explained the tax treatment of gratuity, pension, leave encashment, provident funds, NPS, and retire...
Corporate Law : This article explains the revised ₹25 lakh exemption limit under Section 10(10AA). The key takeaway is that while the benefit is...
Income Tax : Taxpayers who applied the old ₹3 lakh limit can still correct the mistake by revising their return. Revision before the deadline...
Income Tax : Section 119(2)(b) applications enable retirees to claim leave encashment exemption up to ₹25 lakh, condoning delays in filing re...
Income Tax : Analyses how multiple ITAT rulings extend the enhanced ₹25-lakh exemption to earlier years, treating CBDT’s notification as a ...
Income Tax : The ITAT Ranchi held that a retired non-government employee was entitled to exemption under Section 10(10AA)(ii) for the entire le...
Income Tax : The dispute concerned deduction of CSR expenditure incurred before Explanation 2 to section 37(1) became applicable. The ITAT held...
Income Tax : ITAT ruled that employees opting for the BSNL VRS Scheme, 2019 are entitled to full exemption under Section 10(10B) on retrenchmen...
Income Tax : The ITAT set aside the lower authorities’ orders after considering CBDT Notification No. 31/2023, which increased the leave enca...
Income Tax : The ITAT allowed relief after considering CBDT Notification No. 31/2023, which increased the leave encashment exemption limit to ...
The Tribunal held that CPC wrongly applied the outdated ₹3 lakh ceiling despite Notification No. 31/2023 enhancing the limit to ₹25 lakh. Since the retirement benefit was within the revised cap, full exemption under Section 10(10AA) was directed.
This article explains the revised ₹25 lakh exemption limit under Section 10(10AA). The key takeaway is that while the benefit is clear for recent years, earlier cases require careful legal evaluation.
Taxpayers who applied the old ₹3 lakh limit can still correct the mistake by revising their return. Revision before the deadline is the quickest way to secure refunds under the enhanced ₹25 lakh exemption.
ITAT Jaipur allows full leave encashment of ₹12.13 lakh under Section 10(10AA), citing CBDT Notification No. 31/2023 and judicial precedents.
Tribunal holds that leave encashment is fully exempt as the updated CBDT limit of ₹25 lakh applies. The rectification restricting exemption to ₹3 lakh was set aside.
The Tribunal held that the enhanced ₹25-lakh limit under section 10(10AA) must be applied based on earlier co-ordinate bench rulings. The key takeaway is that restriction to ₹3 lakh was deleted.
Section 119(2)(b) applications enable retirees to claim leave encashment exemption up to ₹25 lakh, condoning delays in filing revised returns.
Analyses how multiple ITAT rulings extend the enhanced ₹25-lakh exemption to earlier years, treating CBDT’s notification as a beneficial and clarificatory reform.
Chander Shekher Saini Vs ITO (ITAT Chandigarh) Facts: The assessee, Shri Chander Shekher Saini, is a retired employee who served initially with the Punjab State Electricity Board (PSEB) and, pursuant to restructuring, with Punjab State Power Corporation Limited (PSPCL), a company wholly owned by the Government of Punjab. It is not in dispute that the […]
The ITAT Mumbai deleted the penalty imposed on Bharatkumar Jaishinh Soni, ruling that his claim for full leave encashment exemption was a bona fide legal interpretation, not a deliberate misreporting of income. The Tribunal held that an arguable claim, where all facts are disclosed, does not warrant the severe 200% penalty under Section 270A(9).
