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For senior citizens, tax savings is not just about reducing their financial burden but also about making smart decisions that ensure their money lasts as long as possible
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
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.
In the Union Budget for 2023-24, the government expanded the scope of full rebate on income tax under the new tax regime to an annual taxable income of Rs 7 lakh from Rs 5 lakh earlier.