Author Topic: Indian Income Tax Questions and Answers  (Read 114465 times)

Baljit NABHA

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Re: Indian Income Tax Questions and Answers
« Reply #1050 on: May 22, 2017, 10:28:27 AM »

Baljit NABHA

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Re: Indian Income Tax Questions and Answers
« Reply #1051 on: May 22, 2017, 10:31:04 AM »

Baljit NABHA

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Re: Indian Income Tax Questions and Answers
« Reply #1052 on: May 29, 2017, 04:25:07 AM »

Baljit NABHA

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Re: Indian Income Tax Questions and Answers
« Reply #1053 on: June 05, 2017, 05:26:03 AM »

Baljit NABHA

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Re: Indian Income Tax Questions and Answers
« Reply #1054 on: June 19, 2017, 09:54:12 PM »

Amandeep

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Re: Indian Income Tax Questions and Answers
« Reply #1055 on: July 25, 2017, 02:09:10 PM »

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Re: Indian Income Tax Questions and Answers
« Reply #1056 on: July 26, 2017, 10:01:31 AM »

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Re: Indian Income Tax Questions and Answers
« Reply #1057 on: July 26, 2017, 10:01:54 AM »

PRITAM DASS

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Re: Indian Income Tax Questions and Answers
« Reply #1058 on: July 30, 2017, 12:45:52 PM »

Baljit NABHA

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Re: Indian Income Tax Questions and Answers
« Reply #1059 on: September 20, 2017, 06:14:26 PM »
Q. I retired from a bank as an AGM in November 2016 and received Rs 9,66,913 as leave encashment which were accumulated during my whole service in the bank for 36 years. An amount equal to 30% as TDS was deducted from my leave encashment amount above Rs 3 lakh which comes to nearly Rs 1.90 lakh. During the current financial year when I requested my CA to claim refund of TDS amount under Section 10(10AA) of the Act from the Income Tax Department while filing ITR, I was told that this Act is applicable to Central or State Government employees only and not to bank employees. Many a times I have read in these columns wherein you have mentioned that leave encashment amount at the time of retirement is exempt under Section 10(10AA) of Act. My query is why this Act is not applicable to bank employees and why it is applicable to Central and State Government employees. Is it not against the law of natural justice. Please guide me how this TDS amount can be claimed from the Income Tax Department. If so, please explain the procedure.
SK Mehta
A.Your CA has correctly informed you that Section 10(10AA)(i) of   the Income-tax Act 1961 (The Act) is applicable to Central and State Government employees and the amount of cash equivalent  to leave salary in respect of a period of earned leave at their credit, received by them is exempt from tax in its entirety.  However, Section 10(10AA)(ii) of the Act applies to employees other than the Central and State Government employees and in such case exempted amount is restricted to Rs 3 lakh in respect of cash equivalent to leave salary at their credit. The provisions of the Act also provide different treatment for perquisites received by Central and State Government employees. The Parliament possibly thought in its wisdom that such difference in treatment is required for Central and State Government employees. Therefore, the question raised by you can be answered by the Government of India. You may approach the court that the provisions as contained in the Act are discriminatory and therefore, are against various provisions of the Constitution of India.

 

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