⭐ Important points (exam-critical)
- ⭐New regime (Sec 115BAC) default from AY 2024-25; opting out via Form 10-IEA.
- ⭐Leave encashment on retirement: non-govt limit ₹25 lakh (raised in Budget 2023).
- ⭐Employer's contribution to NPS (Sec 80CCD(2)): 14% of salary for govt employees, 10% for others.
- ⭐Reimbursement vs Allowance distinction critical for taxability.
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