Retired bank employee got Rs 12.27 lakh leave encashment and claimed Rs 3 lakh exemption in 2020, but government later hiked limit to Rs 25 lakh in 2023; ITAT Chennai allows full tax exemption
A CBDT Notification No. 31/2023 dated 24 May 2023 increased the exemption limit for non-government employees from Rs 3 lakh to Rs 25 lakh. (Image for representative purpose only) You retire and get leave encashment, a part of which is exempt from tax. You file your income tax return claiming the exemption, but later the…
