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So far, the tax exemption on leave encashment for non-government employees was Rs 3 lakh, which was fixed in 2002, when the highest basic pay in the government was Rs 30,000 per month
Tax Tip 2023-67, announcing that tax relief is available for people living in areas that are declared disasters by the Federal Emergency Management Agency. IRS released Revenue Procedure 2023-23, which provides the 2024 inflation-adjusted amounts for Health Savings Accounts
The Government has clarified that international debit or credit card payments of up to Rs 700,000 by an individual per year will be excluded from the Liberalised Remittance Scheme limits. This means that such transactions will not attract the Tax Collected at Source (TCS). , Economy News, Times Now