Ladies & gentlemen, one imp update for those about to retire or have retired recently.
PCDA is cutting income tax on 300 days lve encashment at the time of retirement in case you have opted for *new tax regime*.
It is 100% exempt if you have opted for *old tax regime*.
Those about to retire, pls take action accordingly to switch to old tax regime.
If in doubt, pls raise query on PCDA grievance right away and clarify.
Make sure to opt for *old tax regime* in SPARSH docus, PCDAO Pune & PCDA Pension Allahabad websites as well as Income Tax portal.
Otherwise major hit of 30% income tax on about 25-30 Lac of encashment amount if you opt for new tax regime. Even if it is reverted later, it is an unnecessary hassle.
Those retired, pls check your payslips/ Form-16 in case any tax has been deducted on lve encashment amount because of your having opted for new tax regime. Take action to revert it.
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