INCOME TAX ON LEAVE ENCASHMENT ON RETIREEMENT
As per Sec 10(10AA) of Income Tax Act, leave encashment is fully exempt in case of all Govt Employees. While in case of other employees, it is exempt upto Rs. three lac.
What is the logic and equity behind framing this rule/law. The exemption should be same for all service class persons. Govt Sector employees'job is more secure and better in many ways while compared to other sector jobs. The GOI should think over it to give relief to all service class employees. Law Ministry and Finance Ministry should also rationalise the law eliminating the discrimination.
One more related point in this regard is:-
The exemption of Rs. 3 lac is there for so many years. There is no inflation indexation for this. Over the period this amount is felt quite less value-wise. Hence the exemption limit should be increased as per inflamation in case the rule is not scrapped. more
What is the logic and equity behind framing this rule/law. The exemption should be same for all service class persons. Govt Sector employees'job is more secure and better in many ways while compared to other sector jobs. The GOI should think over it to give relief to all service class employees. Law Ministry and Finance Ministry should also rationalise the law eliminating the discrimination.
One more related point in this regard is:-
The exemption of Rs. 3 lac is there for so many years. There is no inflation indexation for this. Over the period this amount is felt quite less value-wise. Hence the exemption limit should be increased as per inflamation in case the rule is not scrapped. more
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They are interested only in selfish motive. If you propose MPs should get one 3 bed room flat on retirement, it will be welcomed and accepted. more
Apr 09
What is the Solution. They are not going to listen as they are more interested in revenue rather than ethics. In my opinion one should go into the court to get the justice. more
Apr 09
The opinions & suggestions of both M/S Maheshwari & Raghuveer Sahore are very true. Let us now emphasise and ensure there is concrete action with out any discrimination. All elected members are Representatives of People and elected by Us, hence they also stand on par with us. more
Apr 09
