Retired employee gets income tax notice over Rs 9.29 lakh leave encashment; ITAT Jaipur cancels it and gives him full tax exemption, here's why

Mr. Gupta, a former employee of the State Bank of India, found himself facing an income tax notice concerning Rs 9.29 lakh in leave encashment. Unfamiliar with tax exemption limits at his retirement, he was initially distressed. However, the ITAT Jaipur later favored him, applying a vital Rs 25 lakh tax exemption for leave encashment retroactively.

from Tax-Wealth-Economic Times https://ift.tt/QUeMjGH