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Tribunal allows LIC retiree's full Rs 9.04 lakh leave encashment tax exemption

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A woman retired from Life Insurance Corporation of India on June 30, 2020, after serving there for over 30 years. Along with her other retirement benefits, she received Rs 9.04 lakh as leave encashment. When filing her income tax return, she claimed exemption on the full amount. The tax department limited the exemption to Rs 3 lakh, but the Income Tax Appellate Tribunal (ITAT) has now allowed the complete Rs 9.04 lakh.

Read the full story at Times of India

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