Tax exemption new limit: There is good news for those doing private jobs. Now the limit of leave encashment tax of private employees has been increased. The limit of leave encashment has now been increased to Rs 25 lakh. Earlier this limit was Rs 3 lakh. This was being demanded for a long time.
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There is big news for those doing private jobs in the country. The employees have become bat-bat. Actually, the limit of leave encashment tax of private employees has been increased. Now the employees will not have to pay any tax on leave encashment up to Rs 25 lakh. Earlier this limit was three lakh rupees.
This will greatly benefit the employees doing private jobs. Explain that every company and government gives three types of holidays to its employees. This includes medical leave, casual leave and paid or earned leave. Paid leave is such leave, which can be encashed later. It can be encashed only after leaving the job or retiring. Private companies limit the number of leaves that can be encashed, whereas in the case of government jobs, this number is quite high.
Employees will get benefit like this
Employees will get a lot of benefit from increasing the leave encashment tax limit. As of now, private employees do not have to pay any tax on leave encashment up to Rs 3 lakh. But private employees have to pay tax on more than this amount. Now this limit has been increased. This limit has now been increased to Rs 25 lakh. In this case, the employees will not have to pay any tax on leave encashment up to Rs 25 lakh.
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