CBDT has raised the tax exemption Exemption for leave encashment raised to ____

Daily Current Affairs

CBDT has raised the tax exemption Exemption for leave encashment raised to _____ lakhs, effective from 1 April 2023.

â‚¹15 lakhs

â‚¹20 lakhs

â‚¹25 lakhs

â‚¹30 lakhs

Correct Answer : â‚¹25 lakhs

Central Board of Direct Taxes (CBDT) has raised the tax exemption on leave encashment on retirement of non-government salaried employees from â‚¹3 lakh to â‚¹25 lakh, the tax authority said in a statement on Thursday (25th May 2023).

The relief, which was announced in the union budget speech this year (2023), is effective from 1 April 2023.

The direct tax authority said that the relief applies to the period of earned leave in the credit of the employee at the time of retirement whether on superannuation or otherwise.

The total tax-exempt amount under a section in the Income Tax Act dealing with leave encashment of salaried private sector employees shall not exceed the limit of Rs. 25 lakh, said the tax authority.

In the case of government employees, the entire leave encashment amount received is tax exempt. In the case of private sector employees, the benefit is subject the conditions listed under section 10 of the Income Tax Act, which deals with incomes exempt from taxation.

The earlier limit of â‚¹3 lakh for tax exemption on leave encashment on retirement or resignation of private sector employees was fixed in year 2002, when the highest basic pay in the government was â‚¹30,000 per month.

Finance minister Nirmala Sitharaman had said in her budget speech that the limit for tax exemption for leave encashment for non-government salaried employees was being raised to â‚¹25 lakh in line with the increase in government salaries.

The revision in the tax exemption limit for leave encashment will offer a lot of relief to non-government employees, said Om Rajpurohit, Joint Partner (corporate and international tax) at accounting firm AMRG & Associates...

Source : Mint

Published On : May 26, 2023

Understanding Thalassaemia :

Thalassaemia is a genetic disorder that affects the production of haemoglobin, leading to a shortage of red blood cells and anaemia. While carriers of the thalassaemia gene may lead normal lives, those with thalassaemia major require repeated blood transfusions and are susceptible to various infections, organ complications, and potential organ failure.

Published On : May 8, 2024

Q .

In which state was the 'School on Wheels' initiative launched on 5th May 2024?

Manipur

Assam

Gujarat

Himachal Pradesh

Correct Answer : Option (A) - Manipur

Manipur government launched the "School on Wheels" initiative aiming to impart education to students sheltered in relief camps in the state following the year long ethnic strife in the state. The state government has closed schools and colleges following the severe hailstorm on Sunday (5th May 2024).

Manipur Governor Anusuiya Uikey on Sunday (5th May 2024) launched the "School on Wheels" initiative.

The initiative, inaugurated by Governor Anusuiya Uikey, entails a mobile educational setup equipped with a library, computers, and sports items, accompanied by a teacher, to visit various camps.

Addressing Educational Needs Amidst Crisis :

The “School on Wheels” initiative addresses the educational gap caused by the year-long ethnic conflict and subsequent displacement, particularly impacting the student population of Manipur. Governor Uikey emphasizes the significance of reaching out to students in relief camps and providing them with essential education during this challenging period.

Empathy and Support for Displaced Individuals :

Acknowledging the plight of displaced individuals, Governor Uikey expresses her empathy and pledges support by directing the state authorities to facilitate a process for the permanent settlement of those residing in relief camps. This comprehensive approach aims to not only provide immediate educational support but also work towards long-term solutions for the affected communities.

Published On : May 8, 2024

Q .

Who has been appointed as the MD and CEO of Ujjivan Small Finance Bank with effect from 1 July 2024?

Abhinav Saini

Abhishek Kapoor

Ajay Kumar Sinha

Sanjeev Nautiyal

Correct Answer : Option (D) - Sanjeev Nautiyal

Ujjivan Small Finance Bank said that Reserve bank of India (RBI) has approved the appointment of Sanjeev Nautiyal as the managing director (MD) & chief executive officer (CEO) of the bank for the period of 3 years with effect from 1 July 2024.

He will join the Bank much prior to his taking charge as the MD & CEO and be designated as the President in the interim.

Sanjeev Nautiyal holds a Bachelors degree in Arts and a Masters degree in Business Administration. He is also a Certified Associate of the Indian Institute of Bankers. He is a banker with over three decades of extensive strategic domain expertise in retail, SME, financial inclusion, operations, HR, international banking, and treasury.

Published On : May 8, 2024