Leave Encashment – Exemption limit for IT upto Rs.25 lakhs – Gazette issued – Effective date: 1.4.2023
In exercise of the powers conferred by sub-clause (ii) of clause (IOAA) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government, having regard to the maximum amount receivable by its employees as cash equivalent of leave salary in respect of the period of earned leave at their credit at the time of their retirement, whether superannuation or otherwise, hereby specilies the amount of Rs. 25,00,000 (twenty-five lakhs rupees only) as the limit in relation to employees mentioned in that sub-clause who retire, whether on superannuation or otherwise.
This notification shall be deemed to have come into force with effect from the I st day of April, 2023.
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