19 July 2023
Sir,I have retired from state Bank of India in sept.2022.I received Rs.1131310/- as leave encashment amount i.e 8 months salary balance.Bank has deducted Rs.226262/-tax on this.Can I claim refund of this amount.Please clarify.
19 July 2023
No you can't claim refund. The central government has notified the increased limit for tax exemption on leave encashment on retirement or otherwise of non-government salaried employees to ₹25 lakh w.e.f. 01.04. 2023,"
CAclubindia
