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ITR LEAVE ENCASHMENT
Filing ITR? Don’t ignore the ‘nature of employment’ field; it can affect NPS & retirement tax benefitsThe "Nature of Employment" field in the ITR is more than a routine disclosure. An incorrect selection can affect certain tax benefits, incl...- Retired employee claims tax exemption on Rs 19 lakh leave encashment; I-T dept issues notice and caps it at Rs 3 lakh; ITAT Chennai grants him full reliefWhen Mr Balasubramanian Venkatachalaperumal from Jagadamal Street retired from ONGC in FY 2019-20, he got Rs 19.05 lakh as leave encashment...
- ITR filing 2026: 9 key checks every taxpayer must make for AY 2026–27India's income tax administration has become increasingly data-driven, with information from TDS/TCS reporting, SFT filings and other sourc...
- Retiring in 2026? Check how much tax-free leave encashment you can claim before filing ITR
- Leave encashment tax rules for AY 2026-27: How much exemption salaried employees can claimITR Filing 2026-27: Salaried employees can claim tax exemption on leave encashment at retirement. While government employees enjoy full exe...
- Got salary arrears after resigning? Use Form 39 to avoid higher tax in 2026–27Resigning from a job in FY 2025-26 and receiving salary arrears in FY 2026-27 can lead to a higher tax liability. To avoid this, taxpayers ...
- 6 tax mistakes to avoid in first year of retirement: ITR filing, Form 15H, gratuity and NPS taxation explainedThese can increase your tax liability and also result in penalties, fines and notices from the tax department.
- Retired employee denied tax exemption on Rs 13 lakh leave encashment, ITAT Jaipur restores tax benefit under new Rs 25 lakh limitA retired State Bank of India employee from Jaipur won a tax case. The Income Tax Appellate Tribunal ruled in his favor, increasing his lea...
- Filing ITR for FY2024-25? Mistakes in HRA claims, capital gains tax calculation are among 7 errors to avoidTaxpayers stand to benefit from a 45-day extension for filing returns due to significant ITR form changes in Budget 2024. However, errors c...
- 10 takeaways in new Income Tax Bill for taxpayers: Tax year, TDS compliance, number of sections and moreNew Income Tax Act: The Income Tax Act 2025 will replace the current Income Tax Act 1961. As the current income tax laws will change, many ...
- What is the deadline to file a revised income tax audit report? When can you submit a revised tax audit report?Revised tax audit deadline: You have to file an tax audit report on or before October 7, 2024. "For the current assessment year of 2024-25,...
- ITR filing FY23-24: Want to reduce tax outgo? Know which deductions you can claim in old and new tax regimeIncome tax return: While filing ITR you can claim certain tax deductions to reduce your total income tax outgo and increase the tax refund ...
- New tax slabs, no tax on income up to Rs 7 lakh in new tax regime, 13 changes in 2023 that will impact you in 2024Many changes were announced in the Budget 2023 as well as during the year in 2023 by the Central Board of Direct Taxes (CBDT). These change...
- Income tax dept processed 1.5 crore ITRS of total 3 crore filedMore than three crore income tax returns (ITRs) have been filed for the 2022-23 fiscal year as of July 18, 2023, with 91% processed electro...
- New income tax slabs under new tax regime, no LTCG tax benefit on debt mutual funds: 15 income tax changes from April 1Budget 2023 has made many changes under the Income Tax Act, 1961. Some of these changes will come into effect from the start of new financi...
- How will Budget 2023 tax changes impact investors?Under the new tax regime, the rebate for income tax has been increased to Rs 7 lakh from the earlier limit of up to Rs 5 lakh. The budget a...
- Should you opt for the LTC cash voucher scheme? Here's how much tax you will saveHere is a look at how much you stand to gain by opting for the LTC cash voucher. This story will tell you about the rules of availing the L...
- How to fill salary details in ITR-1 for FY 2019-20To fill the salary details in ITR-1, one should keep the Form 16 (TDS certificate received from employer) handy. Having this document handy...
- Govt launches tax-exempt LTC cash voucher scheme to boost consumer spendingThis is a one-time scheme and payment will be only in lieu of one LTC during the block of four years 2018-21. This should help people to so...
- Answers of our readers queries related with various tax issuesWhile filing return of income, the employee can claim the credit for TDS on salary based on the data/documents available with him.
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