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Wednesday, April 27, 2022
PAYMENT OF LEAVE ENCASHMENT AT THE TIME OF RETIREMENT IS FULLY EXEMPT FROM INCOME TAX SINCE BEGINING
PAYMENT OF LEAVE ENCASHMENT AT THE TIME OF RETIREMENT IS FULLY EXEMPT FROM INCOME TAX SINCE BEGINING As per Chapter-III of Income Tax rule clause 10 (10AA) Sub section 2nd the payment received by an employee other than central Government or State Government likewise Bank Insurance, PSU at the time of his retirement is fully exempt if you have receive leave encashment payment at the time of retirement is less or equal to the entitlement of the Cabinet Secretary of Central Government. At present the salary of the Cabinet Secretary is 2.925 Lacs per month so his leave encashment entitlement is 29.25 Lacs. The employee who covered under subclause-II is entitled to take the exemption up to 29.25 Lacs as per rules. The existing rule is crystal clear there is no doubt. The employee retired in financial year 20-21 and Tax deducted as source and claimed only 3 lacs exemption at the time of filing return are suggested to claim full exemption by filing revised return up to 31st March 2022.
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