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 : Learn about the tax treatment of key retirement benefits in India, including gratuity, pension, leave encashment, provident fund, ...
Income Tax : The Tribunal addressed denial of leave encashment exemption restricted to ₹3 lakh. It held that the revised CBDT limit of ₹25 ...
Income Tax : The Kerala High Court held that employees originally from the DoT and later absorbed into the PSU must be treated as retiring from...
Income Tax : The Tribunal held that CPC wrongly applied the outdated ₹3 lakh ceiling despite Notification No. 31/2023 enhancing the limit to ...
Income Tax : ITAT Jaipur allows full leave encashment of ₹12.13 lakh under Section 10(10AA), citing CBDT Notification No. 31/2023 and judicia...
Income Tax : Tribunal holds that leave encashment is fully exempt as the updated CBDT limit of ₹25 lakh applies. The rectification restrictin...
Understand the tax implications of Leave Encashment as we approach the financial year-end. Explore when it’s taxed under salary, exemptions for government and non-government employees, and how to calculate the exempt amount. Get insights into Mr. Navankur’s case for a practical understanding.
Unravel the complexities of leave encashment with a comprehensive guide. Understand the types of leaves – earned, sick, maternity, etc., and explore the tax implications of leave encashment. Delve into the Income Tax Acts provisions, exemptions, and taxable amounts. Learn the computation process and exemptions for government and non-government employees. Stay informed about thresholds, salary averages, and other key factors influencing leave encashment taxation.
In some cases, the employer may provide leave travel concession or assistance to his employee to go on leave to any place in India either alone or along with his family. The employee is entitled to exemption under section 10(5) in respect of the value of leave travel concession or assistance received by him from his employer.
Labour Laws in India mandates for paid leave every year to employees. Employees who can not utilise the paid leave, Employers allow employee to carry forward unutilised paid leaves to further years and to encash at the time of retirement or resignation etc. The encashment of such unutilised paid leave are known as Leave Encashment. […]
