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Income tax: The Prime Minister Modi government has given great relief to the common people. Crores of people of the country will be affected by it. Similarly, people working in the private sector will also benefit from this. As announced in the Budget, the Finance Ministry has increased the tax exemption limit on cash in lieu of leave cash for private sector salaried employees to Rs. 25 lakh has been done.
So far for non government employees Drop the cash That is, the limit of tax exemption on cash received in lieu of holidays is only 3 lakh rupees. This limit was fixed in 2002. Then the highest basic salary in the government sector was Rs 30,000 per month. The Central Board of Direct Taxes (CBDT) in a statement issued on Thursday said that the overall limit of tax exemption under Section 10 (10AA) (2) of the Income Tax Act is Rs. Should not exceed 25 lakhs.
25 lakh rupees: This section deals with payments received by employers to non-government employees. From April 1, 2023, non-government employees can get a maximum amount of Rs 25 lakh. The CBDT said that the exemption system in income tax will come into effect from April 1, 2023. It was announced in the budget proposal for the financial year 2023-24.
What Nirmala Sitharaman said: Finance MinisterNirmala Sitharaman Several important announcements were made while presenting the Budget 2023. Along with this, the Finance Minister in his budget speech said that the tax exemption limit on the amount received as leave cash for non-government sector employees will be increased from Rs 3 lakh to Rs 25 lakh.
