I changed from 1 company to another company last year . Is the leave encasement i received is taxable or not . I have already filed my IT returns paying tax for leave enchantment and it is fully acknowledge can i modify and file now again and claim returns?
Dear Taxpayer,
Leave encashment is partly taxable and partly exempt.
Least of the following would be exempt
(a) Cash equivalent of unutilized earned leave (earned leave entitlement can not exceed 30 days for every year of actual service)
(b) 10 months average salary
(c) Leave encashment actually received. This is further subject to a limit of Rs 3,00,000.
Yes, you can modify the return
Please feel free to call/revert in case of any doubts.
Thanks and Regards
Abhishek Dugar
CA CS B.Com
Mine satisfies these condition and my leave encash ment is 1.23 lakhs which i paid tax which is below 3 lak . In gov incometax website on which exception(similar to 80 c) category should use to claim this ?
It's not deduction hence its not like 80C.
It's exemption. So you have to remove it from your income, if included.
My IT return full assessment last month is completed by government can i stll file a revised return for last FY ?
I suppose you are talking about intimation u/s 143(1) and not assessment u/s 143(2). If it is just intimation, you can file revise return within one year from the end of assessment year.
We can help you in filing revised return.
Please feel free to call/revert in case of any doubts.
Thanks and Regards
Abhishek Dugar
CA CS B.Com
You cannot file a revise return.
