Cash reward for not taking leaves from work: Tax exemption on leave encashment
1 year, 10 months ago

Cash reward for not taking leaves from work: Tax exemption on leave encashment

Live Mint  

While announcing the Union Budget for the next fiscal year that starts April 1, Finance Minister Nirmala Sitharaman on Wednesday proposed to hike tax exemption on leave encashment on retirement of non-government salaried employees to ₹25 lakh from ₹3 lakh. "The limit of ₹3 lakh for tax exemption on leave encashment on retirement of non-government salaried employees was last fixed in the year 2002, when the highest basic pay in the government was ₹30,000 pm. Catch all LIVE updates of Budget 2023 here “Now I have come to what everyone is waiting for — personal income tax,” Sitharaman said while proposing to change the tax structure in new regime by reducing the number of tax slabs to 5 and increasing the tax exemption limit to ₹3 lakh. The finance chief said the new tax regime will now be the default tax regime, but that people can still opt to avail of the benefits of the old tax structure that allows more exemptions.

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History of this topic

Is my employer right to deduct tax on leave encashment after my resignation?
1 month, 1 week ago

Is my employer right to deduct tax on leave encashment after my resignation?

Live Mint  

I resigned in August 2024 and received leave encashment as part of my final settlement. While making the payment, the employer deducted tax on the full amount of leave encashment, contending that I had resigned and not retired. Is my employer right to deduct tax on leave encashment, as I understand this is exempt under Section 10? Leave Encashment Tax …

Budget 2024: How the changes in new tax regime will benefit the salaried, explained
5 months ago

Budget 2024: How the changes in new tax regime will benefit the salaried, explained

Hindustan Times  

Salaried income taxpayers shifting to the new tax regime stand to save up to ₹17,500 in income tax, finance minister Nirmala Sitharaman announced in presenting the Union budget 2024. The finance minister announced increased standard deduction for those opting to file their tax returns under the new regime and also widened the tax slabs to give relief. Increase in the …

New tax regime slabs revised, standard deduction hiked to Rs 75,000. Details here
5 months ago

New tax regime slabs revised, standard deduction hiked to Rs 75,000. Details here

India Today  

Finance Minister Nirmala Sitharaman revamped income tax slabs under the new regime in Union Budget 2024 in a bid to make it more attractive. The Finance Minister said that the tweaked tax slabs would save salaried individuals Rs 17,500 annually under the new regime. The updated tax slabs are as follows: income up to Rs 3 lakh will be taxed …

Budget 2024: What income tax benefits can taxpayers expect on July 23?
5 months ago

Budget 2024: What income tax benefits can taxpayers expect on July 23?

India Today  

Taxpayers are eagerly waiting for July 23 when Finance Minister Nirmala Sitharaman will present the full budget for the ongoing financial year. Income tax exemption limit There is speculation that the government may raise the income tax exemption limit from Rs 3 lakh to Rs 5 lakh. If implemented, individuals earning up to Rs 8.5 lakh annually could potentially pay …

Budget 2024: Exemption limit under new tax regime may be hiked to Rs 5 lakh, says report
6 months ago

Budget 2024: Exemption limit under new tax regime may be hiked to Rs 5 lakh, says report

India Today  

The government plans to raise the income exempt from tax under the new regime from the current Rs 3 lakh to Rs 5 lakh in the forthcoming full budget, reported moneycontrol.com. Officials also said that the government is unlikely to accept a proposal from industry representatives to lower the top individual income tax rate from 30% to 25% in the …

New Tax regime rules to come into effect from today: Check deductions, rebates, changes in tax slab
8 months, 3 weeks ago

New Tax regime rules to come into effect from today: Check deductions, rebates, changes in tax slab

India TV News  

As the new financial year begins on April 1, there will be changes to India's income tax regulations. The Centre will implement the New Tax Regime as the default setting, which implies that unless individuals manually choose to abide by the old tax structure, taxes will be automatically assessed and applied according to this new system. The tax slabs will …

Major Income Tax Reforms Effective From April 1: What You Need To Know
9 months ago

Major Income Tax Reforms Effective From April 1: What You Need To Know

ABP News  

In the wake of the new fiscal year, April 1, 2024, sweeping changes in the tax landscape herald major implications for personal finances. Streamlined Slabs & Expanded Basic Exemption Limit Under the new tax regime, the minimum tax threshold has been raised from Rs 2.5 lakh to Rs 3 lakh. Increased Tax Rebate Threshold Individuals opting for the new tax …

Union Budget 2023: Private Sector Employees To Get Big Relief In Tax On Leave Encashment
1 year, 6 months ago

Union Budget 2023: Private Sector Employees To Get Big Relief In Tax On Leave Encashment

News 18  

The Union Budget 2023, presented by Finance Minister Nirmala Sitharaman, included some crucial pointers for the people working in the private sector. One of the statements made by the Minister that caught attention was the scope of exemption of income tax on the money received by salaried employees’ leave encashment. While the scope of tax exemption for leave encashment was …

Leave encashment tax-free till ₹25 lakh for private sector employees. Details
1 year, 6 months ago

Leave encashment tax-free till ₹25 lakh for private sector employees. Details

Hindustan Times  

In line with the Budget announcement, the finance ministry on Thursday hiked the tax exemption limit for leave encashment upon retirement for private sector salaried employees to ₹25 lakh. The increased limit for tax exemption on leave encashment on retirement or otherwise of non-government salaried employees to ₹25 lakh with effect from April 1, 2023. "In pursuance to the proposal …

I-T Exemption Limit For Retirement Leave Encashment Raised To Rs 25 Lakh For Salaried Employees
1 year, 6 months ago

I-T Exemption Limit For Retirement Leave Encashment Raised To Rs 25 Lakh For Salaried Employees

ABP News  

The Central Board of Direct Taxes on Thursday notified the hike in the tax exemption limit for leave encashment upon retirement for private sector salaried employees to Rs 25 lakh in line with the Budget 2023 announcement. In the 2023-24 Budget, finance minister Nirmala Sitharaman increased the tax exemption on leave encashment on the retirement of non-government salaried employees to …

Leave Encashment Upon Retirement: Rs 25 Lakh Tax Exemption For Salaried Employees
1 year, 6 months ago

Leave Encashment Upon Retirement: Rs 25 Lakh Tax Exemption For Salaried Employees

News 18  

In line with the Budget announcement, the finance ministry on Thursday hiked the tax exemption limit for leave encashment upon retirement for private sector salaried employees to Rs 25 lakh. The increased limit for tax exemption on leave encashment on retirement or otherwise of non-government salaried employees to Rs 25 lakh with effect from April 1, 2023. ”In pursuance to …

New income tax regime: How to save tax if annual income is above ₹7 lakh?
1 year, 10 months ago

New income tax regime: How to save tax if annual income is above ₹7 lakh?

Live Mint  

New income tax regime: In the union budget 2023, finance minister Nirmala Sitharaman made some changes in the new income tax regime to make it more attractive for a taxpayer going to file income tax return in the financial year 2023-24. Speaking on the new income tax regime, Pankaj Mathpal, MD & CEO at Optima Money Managers said, "Section 87A …

New Leave Encashment Rule: Non-Govt Employees To Gain Rs 20,000 Per Year, Says Revenue Secretary
1 year, 10 months ago

New Leave Encashment Rule: Non-Govt Employees To Gain Rs 20,000 Per Year, Says Revenue Secretary

ABP News  

The Union Budget announced several measures to offer relief to salaried individuals and the common man. Finance Minister Nirmala Sitharaman proposed to raise tax exemption on leave encashment on the retirement of non-government salaried employees to Rs 25 lakh from Rs 3 lakh. Revenue Secretary Sanjay Malhotra in an interview with Times of India said the government has budgeted for …

Budget 2023: How Nirmala Sitharaman attempted to simplify tax experience
1 year, 10 months ago

Budget 2023: How Nirmala Sitharaman attempted to simplify tax experience

Live Mint  

The Hon’ble Finance Minister presented today the last full-fledged Budget 2023 under the Modi 2.0 Government. Further, with the proposals, it is apparent that the Government wants to simplify the tax experience to its taxpayers by proposing a common tax return form, bringing reforms to litigation and also giving prominence to the new tax regime which does not require the …

Budget 2023: Big hike in tax exemption on encashed leaves for non-govt staff
1 year, 10 months ago

Budget 2023: Big hike in tax exemption on encashed leaves for non-govt staff

Hindustan Times  

The centre on Wednesday proposed a massive hike in tax exemption on leave encashment of non-government salaried employees - to ₹25 lakh from ₹3 lakh. limit of ₹3 lakh for tax exemption on leave encashment on government salaried employees. Other tax highlights in Budget 2023 The finance minister also outlined changes to income tax slabs - for those filing under …

No income-tax upto Rs 7 lakh in new tax regime
1 year, 10 months ago

No income-tax upto Rs 7 lakh in new tax regime

Deccan Chronicle  

Mumbai: In a bid to encourage individuals to move towards the new personal income- tax regime, the Centre increased the rebate limit, revamped the personal income slabs and reduced the tax rates thereby bringing down the tax outgo for the middle class. The minister announced an increase in rebate limit from Rs 5 lakh to Rs 7 lakh per annum …

Budget 2023 | Those earning up to ₹7 lakh a year need not pay income tax
1 year, 10 months ago

Budget 2023 | Those earning up to ₹7 lakh a year need not pay income tax

The Hindu  

Finance Minister Nirmala Sitharaman on Wednesday announced that those earning up to ₹7 lakh a year need not pay any income tax under the new tax regime, giving a push for the regime which disallows all exemptions on investments. Those earning up to ₹7 lakh annually and opting for new tax regime, could save ₹33,800. “It is proposed to increase …

Income Tax Slabs May Stay Unchanged, But Govt Likely to Give More Exemptions in Union Budget 2021
3 years, 10 months ago

Income Tax Slabs May Stay Unchanged, But Govt Likely to Give More Exemptions in Union Budget 2021

News 18  

The Centre is likely to tweak the list of eligible rebates and exemptions to allow some more categories of financial savings instruments for taxpayers in the optional income tax regime introduced in the Union budget last year. This is aimed to be done through tax proposals to incentivise the new tax regime rather than any major overhaul in the income …

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