WebLeave Travel Concession or Assistance (LTC/LTA), extended by an employer to an employee for going anywhere in India along with his family* *Family includes spouse, children and … WebLeave travel concession is an allowance given by an employer to an employee for meeting travel expenses when the employee is on leave from work. Leave travel concession is tax-exempt under the Income Tax Act. The exemption is available only subject to the satisfaction of certain conditions. In this article, we discuss the exemption allowed by ...
Opting for new tax regime? Here are a few deductions you can and …
WebLTA amount is tax free. Section 10(5) of the Income-Tax Act, 1961, read with Rule 2B, provides for the exemption and outlines the conditions subject to which LTA is exempt. Through this write-up, I want to shed light on the taxability and some other interesting relevant aspects which you as a salaried employee must keep in mind. WebFeb 22, 2024 · Example If LTA granted by employer is Rs 50,000 and actual eligible travel cost incurred by employee is Rs 30,000, exemption is available only to the extent of Rs … some amount of time
LTA tax exemption: Don
WebFeb 4, 2014 · LTA amount is tax free. Section 10(5) of the Income-Tax Act, 1961, read with Rule 2B, provides for the exemption and outlines the conditions subject to which LTA is … WebThis revised edition incorporates all amendments up to and including 1 December 2024 and comes into operation on 31 December 2024. An Act to establish and incorporate the Land … WebNov 24, 2024 · Actual LTA provided by the employer; Whichever is lower. If LTA provided by the employer is Rs 54,000, and actual travel cost incurred by the employees is Rs 32,000. Then, the LTA benefit will be Rs 32,000 only. Remaining, Rs 22,000 will be added to the employee’s taxable income. Employees are allowed only two journeys in a block of four ... some amount of money is creating instability