She received Rs 9.04 lakh leave encashment on retiring from LIC; taxman allowed only Rs 3 lakh exemption, but ITAT Jaipur grants relief even after 1,277-day appeal delay
The Income Tax Department restricted her exemption to Rs 3 lakh and sought to tax the balance of Rs 6.04 lakh. (Image for representative purpose only) How much of your leave encashment is exempt from income tax? That depends on whether you are a government employee or a private sector employee. The limit for private…
