Non-Government Employees Leave Encashment Tax Exception Increased to 25 Lakh: The Central Government of India released a notification on Wednesday stating that increase the tax exception limit to 25 lakhs for non-government employees on leave encashment. According to the report, this will come into effect from 01.04.2023.
This will be helpful for non-government salaried employees, along with their retirement the leave encashment cash will be paid for that amount against accumulated leave balances the tax will be exceptional and the limit has been increased. The previous limit is 3 lakh which was fixed in 2002.
Regarding this, the Central Finance Minister Mrs. Nirmala Sitharaman states this in a 2023-24 budget meeting and now the government has released the official notification. This is a piece of happy news for the employees and many of them are considering that this initiation has been made by considering the welfare of the workers.
