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 ...
Despite a significant delay, the ITAT Pune condoned the delay in filing the appeal, citing a justice-oriented approach and the assessee’s later knowledge of the ₹25 Lakh leave encashment exemption notification. The case was sent back to the CIT(A) for fresh adjudication to apply the enhanced limit and related case law, highlighting the precedence of justice in appeal delays.
Tribunal held that the enhanced leave encashment limit of ₹25 lakh, notified by CBDT on 24 May 2023, applies retrospectively to non-government employees. The assessment order was set aside, granting full exemption benefit to the retired SBI officer.
ITAT Pune ruled that employee leave encashment from government and non-government departments must be examined separately for tax exemption under Section 10(10AA).
Understand the taxability of leave encashment, gratuity, and voluntary retirement benefits, with exemptions and limits under the Income Tax Act, 1961.
Understand leave encashment rules under Section 10(10AA). Does resignation qualify for exemption? Learn the tax implications and key case law precedents.
Kerala High Court decision on R. Jayakumar vs Union of India regarding retrospective tax exemption on earned leave salary.
Explore the meaning of leave encashment, types of leaves, tax calculations, and exemption rules. Learn how to maximize benefits at retirement. Practical example included.
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.
