Categories: Business

Taxman capped LIC retiree’s leave pay exemption at Rs 3 lakh; ITAT allows Rs 9.04 lakh

A woman retired from Life Insurance Corporation of India (LIC) on June 30, 2020 after more than 30 years of service. She received Rs 9.04 lakh as leave encashment, in addition to her other retirement benefits. While filing her income tax return (ITR), she claimed a tax exemption on the entire leave encashment amount.

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