EU gives final approval to Artificial Intelligence act, China allocates billions of dollars to bailout its crisis-hit property sector, BJP expels Bhojpuri superstar Pawan Singh for contesting LS polls as independent candidate, Juvenile board cancels bail of Pune teen driver who killed two in Porsche crash,

Tax exemption limit for leave encashment upon retirement hiked to Rs 25 lakh

In line with the Budget announcement, the finance ministry on Thursday hiked the tax exemption limit for leave encashment upon retirement for private sector salaried employees to Rs 25 lakh. So far, the tax exemption on leave encashment for non-government employees was Rs 3 lakh which was fixed in 2002, when the highest basic pay in the government was Rs 30,000 per month.The Central Board of Direct Taxes (CBDT), in a statement, said the aggregate amount exempt from income tax under section 10(10AA)(ii) shall not exceed the limit of Rs 25 lakh, where any such payments are received by a non-government employee from more than one employer.

The increased limit for tax exemption on leave encashment on retirement or otherwise of non-government salaried employees to Rs 25 lakh with effect from April 1, 2023.


Newsinc24 is now on telegram. Click here to join our channel @newsinc24 and stay updated with the latest news from politics, entertainment and other fields.

Food & Lifestyle

Derived from the vibrant, ruby-red cranberries indigenous to North America, cranberry juice is a potent elixir for health.

Read More

Crime

The Gujarat ATS has arrested four ISIS terrorists, all of whom are Sri Lankan nationals, at  Ahmedabad.Airport.

Read More

Opinion

Giving a sneak peak into Google I/O 2024 agenda, company has offered optimistic glimpse into the future of Android.

Read More

Credibility Matters at Newsinc24.com because it is a website that gives you fast and accurate news coverage. It provides news related to politics, astrotalk, business, sports as well as crime. Also it has book promotion too. We known for our credibity. You can contact us for your querries on our email address. And, If you want to know more about us, then check the relevant pages for this purpose.