Tax exemption limit for leave encashment upon retirement hiked to Rs 25 lakh
Good news for non-govt salaried employees: Income Tax exemption limit for leave encashment upon retirement hiked to Rs 25 lakh
An editor at Myitronline
CBDT issues Notification No.31/2023 dt 24.05.2023 increasing limit for tax exemption on leave encashment for non-government salaried employees to Rs.25 lakh w.e.f. 01.04.2023.
The tax exemption threshold for leave encashment upon retirement for salaried workers in the private sector has increased to Rs 25 lakh, according to a statement from the Ministry of Finance on Thursday. This is in line with Finance Minister Nirmala Sitharaman's Budget speech, where she announced that the tax exemption on leave encashment for non-government employees would be raised from Rs 3 lakh to Rs 25 lakh. In 2002, when the highest basic pay in the government was Rs 30,000 per month, the Rs 3-lakh cap had been set.
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Krishna Gopal VarshneyAn editor at Myitronlinenews
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