DelhiDesk: The Indian government has increased the tax exemption limit on cash received in lieu of leave at the time of retirement for private sector employees to Rs 25 lakh. This means that employees will not have to pay tax on cash received up to this limit. Currently, the tax exemption limit is set at Rs 3 lakh. The new limit will be applicable from April 1, 2023, and was announced in the annual budget for the financial year 2023-24 by Finance Minister Nirmala Sitharaman. The limit was previously set in 2002 when the highest basic salary in the government sector was Rs 30,000 per month.
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Here is the news bullets sorted by DelhiBreakings.com team.
👉 Good news for private sector workers: no tax on cash amount received in lieu of leave up to Rs 25 lakh at the time of retirement
👉 Central government increases tax exemption limit on cash received in lieu of leave to Rs 25 lakh
👉 Finance Minister Nirmala Sitharaman announces retirement age for private sector employees in annual budget for financial year 2023-24
👉 Tax exemption limit on non-government employee leave encashment was previously only Rs 3 lakh
👉 Total limit of tax exemption under section 10(10AA)(2) of Income Tax Act shall not exceed Rs 25 lakh from April 1, 2023
👉 Finance Ministry increases tax exemption limit in line with announcement made by Nirmala Sitharaman in budget speech.
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