ENCASHMENT OF PL ON RETIREMENT

[Narayanan Kasthurirengan]

dear comrades,

to day I have received a forwarded whatsapp message reported to have been sent by Mr I M Agarwal, ex CM of PNB that PL encashment on superannuation is fully exempted from Income Tax  with effect from Financial year 2018 - 2019, instead of the present system of taxing it beyond Rs.3.00 lakhs.  I am trying to check for its veracity.    If any one has authenticated information about this, please have the same known in this blog

k narayanan

[Seshaiyer Devadass]

Narayanan sir,

The following is the message that conveys the exemption......

Dear VIGILANT BANKERS, LEAVE ENCASHMENT AT THE TIME OF SUPERANNUATION  FULLY EXEMPTED FROM INCOME TAX W.E.F. 01.03.2018 FOR RETIREES RETIRED DURING 2018-19. WE OFFER OUR SINCERE THANKS TO SHRI M C GUPTA RETIRED SR. ENGINEER FROM SARAS DAIRY. MR I M AGRAWAL EX CM PNB FOR THEIR RELENTLESS EFFORTS WHO WAS TRYING HARD TO GET THE ANOMALY ADDRESSED BY CBDT. THE MESSAGE RECEIVED IS POSTED BELOW.
Good News for those retiree’s who retired in financial year 2018-19 and afterwards. When I was filing IT return I noticed that IT department has exempted income earned by way of earned leave encashment under Section 10 (10aa) which can be claimed under column:
Less:Allowances to the extent exempt u/S 10 under sub section 10 aa. All members retired in f/y 2018-2019 are advised to note it down and claim exemption under Leave Encashment. Regarding previously retired employees can claim it after filing revised return under the guidance of CA.
Regards
I M Agrawal
👇🏻👇🏻👇🏻👇🏻


Friends, who are retired after April,2018 they are eligible for exemption of IT section (10) sub section (10aa) under this section, your leave encashment is fully exempted & no tax is to paid, so if you have already deducted tax for leave encashment above 3.00 lacs can be refunded to you. Take care while filing return.

S.Devadass, State Bank of India - Retd, Palani-624601

Cell:9442250104

--
Visit our blog site http:://bankpensioner.blogspot.com
---
You received this message because you are subscribed to the Google Groups "bankpensioner" group.
To unsubscribe from this group and stop receiving emails from it, send an email to bankpensione...@googlegroups.com.
To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CALz2Heh5T2Gz91TkLytqCQaAT0GgE_qS9codp__WXJCYh5H_vQ%40mail.gmail.com.

[Madhav Gohad]

The case no WP(C) 11846/2019 IS PENDING IN dELHI hIGH cOURT  FOR full  exemption of  Income tax on leave encashment to bankers on superannuation for removal of discrimination  as against Govt employees  who get leave encashment of 300 days on superannuation ,  FOR BANKERS ( 240 days ) and they get full exemption on income tax of such amount br received.

M D GOHAD

On Wed, Aug 5, 2020 at 9:45 AM Narayanan Kasthurirengan <naraya...@gmail.com> wrote:

--

Visit our blog site http:://bankpensioner.blogspot.com
---
You received this message because you are subscribed to the Google Groups "bankpensioner" group.
To unsubscribe from this group and stop receiving emails from it, send an email to bankpensione...@googlegroups.com.
To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CALz2Heh5T2Gz91TkLytqCQaAT0GgE_qS9codp__WXJCYh5H_vQ%40mail.gmail.com.

--

Thanks and regards,

Madhav D. Gohad

[Narayanan Kasthurirengan]

Dear Seshaiyer Devadass

I too have received the same message.  I only wanted to know whether any circular or order is passed to change the status quo.  Thank you  The information was passed on  to me by one of our IOB friends and his source is authentic.  

k naryanan

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CABWxDN0BgyNNf_B9u9UuiM3muT4AUWr_VY5t2hbTx9qkjnxsxg%40mail.gmail.com.

[S.S.Vasan]

The IT regulation puts a cap on ceiling of three lacs even as of today.

Let us not break our head.

Vasan

On Wed, Aug 5, 2020 at 9:45 AM Narayanan Kasthurirengan <naraya...@gmail.com> wrote:

--

Visit our blog site http:://bankpensioner.blogspot.com
---
You received this message because you are subscribed to the Google Groups "bankpensioner" group.
To unsubscribe from this group and stop receiving emails from it, send an email to bankpensione...@googlegroups.com.
To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CALz2Heh5T2Gz91TkLytqCQaAT0GgE_qS9codp__WXJCYh5H_vQ%40mail.gmail.com.

--

Let Us be in TOUCH,

With Regards,

Vasan
(97890 97450)

[V Raghu]

Dear Sir,

This information is wrong because the Income-Tax department has not made any amendment in the provisions with regards to raising of exemption limits for P/L  encashment on superannuation for non Govt.employee.You can verify this fact from the official website of income tax department of Govt. of India i.e.incometaxindia.gov.in.

Thanks and regards

V RAGHU

 

On Wed, Aug 5, 2020 at 9:45 AM Narayanan Kasthurirengan <naraya...@gmail.com> wrote:

--

[Narayanan Kasthurirengan]

dear Com Raghu

 thanks for the information let us see whether the main source of the information gives any authentic record

regards

narayanan

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAAeyvM%2BRQmoO2LpkP-EovSffPmmF_zs3Z74vxVt_BFjyWbCp1g%40mail.gmail.com.