LTA

Income Tax Treatment of Leave Travel Allowance (LTA)

Income Tax - We go on travel with our family and if we can get tax benefits on such traveling expenses, than why waste to it. This Article on Leave Travel allowance or LTA explains how to claim LTA benefit and Income Tax Provisions related to the same....

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Most Popular Exempt Allowances for Salaried Employees

Income Tax - Salaried Employees can avail the benefit of various exemptions with respect to the allowances given by their employers during their tenure of service like House Rent Allowance, Gratuity Allowance, Leave Encashment, Conveyance/Transport Allowance, Lea...

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Leave Salary encashment Exemption, Calculation, Download calculator

Income Tax - Earned leave means the leave accrued to the employee in proportion of the work done by him. This varies from employer to employer. For example in government sector, the earned leave is 2.5 days for every month worked. This 2.5 days is granted with a view to provide him rest to enable him to recover from the stess and strain endured by ...

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Taxability of Leave Travel Allowance (LTA) – Section 10(5)

Income Tax - Leave Travel Allowance (LTA) is the most common element of compensation adopted by employers to remunerate employees due to the tax benefits attached to it. 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 t...

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Tax Treatment of Leave Encashment Salary

Income Tax - 1. In the case of continuity of services. Government/Non-Government employee - Leave encashment during Continuity of employment - It is chargeable to tax. However relief can be taken under section 89 -As per Income Tax Act, 1961 u/s 10(10AA) ...

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Leave Travel Concession- Replace “Calendar year” by “Financial year”: ICAI

Income Tax - Click here to join Online GST Certification Course Jointly by GST Professionals & Taxguru.in As per the provisions of section 10(5) of the Income-tax Act, 1961, an exemption of the value of leave Travel Concession/Assistance received by the employee from his employer is provided subject to fulfillment of prescribed conditions. Rule 2B...

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DTC: LTA may be exempted

Income Tax - The government may allow the Leave Travel Allowance (LTA) to be exempted from taxation once the Direct Tax Code (DTC) comes into effect. The directive to this extent will figure in the rules to be framed by the finance ministry after the DTC is passed by Parliament....

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DTC: Bad news for Salaried- Leave travel Allowance (LTA) not available

Income Tax - Salaried taxpayers may have less kitty for holidays from April 2012, with the government proposing to scrap tax incentives on leave travel allowance in the new direct tax regime DTC. The Direct Taxes Code (DTC) bill, which was tabled in the Lok Sabha yesterday, seeks to do away with leave travel concession (LTC) from its list of exemption...

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No LTA for government staff using personal car or taxi as mode of transport

Income Tax - The government will not sanction leave travel allowance for an employee who uses personal car or taxi as mode of transport.However, the rule shall not be applicable to employees with a handicap or disability of self or dependent family member. According to a government notification, the employees can avail the LTA only if they travel by I...

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Proof of travel not required for claiming LTA: SC

Commissioner Of Income Tax Vs M/S Larsen & Toubro Ltd (Supreme Court of India) - It may be noted that the beneficiary of exemption under Section 10(5) is an individual employee. There is no circular of Central Board of Direct Taxes (CBDT) requiring the employer under Section 192 to collect and examine the supporting evidence to the Declaration to be submitted by an employee(s). ...

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Recent Posts in "LTA"

Income Tax Treatment of Leave Travel Allowance (LTA)

We go on travel with our family and if we can get tax benefits on such traveling expenses, than why waste to it. This Article on Leave Travel allowance or LTA explains how to claim LTA benefit and Income Tax Provisions related to the same....

Read More
Posted Under: Income Tax |

Most Popular Exempt Allowances for Salaried Employees

Salaried Employees can avail the benefit of various exemptions with respect to the allowances given by their employers during their tenure of service like House Rent Allowance, Gratuity Allowance, Leave Encashment, Conveyance/Transport Allowance, Lea...

Read More
Posted Under: Income Tax |

Leave Salary encashment Exemption, Calculation, Download calculator

Earned leave means the leave accrued to the employee in proportion of the work done by him. This varies from employer to employer. For example in government sector, the earned leave is 2.5 days for every month worked. This 2.5 days is granted with a view to provide him rest to enable him to recover from the stess and strain endured by ...

Read More
Posted Under: Income Tax |

Taxability of Leave Travel Allowance (LTA) – Section 10(5)

Leave Travel Allowance (LTA) is the most common element of compensation adopted by employers to remunerate employees due to the tax benefits attached to it. 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 t...

Read More
Posted Under: Income Tax |

Leave Travel Concession- Replace “Calendar year” by “Financial year”: ICAI

Click here to join Online GST Certification Course Jointly by GST Professionals & Taxguru.in As per the provisions of section 10(5) of the Income-tax Act, 1961, an exemption of the value of leave Travel Concession/Assistance received by the employee from his employer is provided subject to fulfillment of prescribed conditions. Rule 2B...

Read More
Posted Under: Income Tax |

Tax Treatment of Leave Encashment Salary

1. In the case of continuity of services. Government/Non-Government employee - Leave encashment during Continuity of employment - It is chargeable to tax. However relief can be taken under section 89 -As per Income Tax Act, 1961 u/s 10(10AA) ...

Read More
Posted Under: Income Tax |

Leave Travel Concession (LTA) U/s. 10(5) Of Income Tax Act,1961

LEAVE TRAVEL CONCESSION UNDER SECTION 10(5) OF INCOME TAX ACT, 1961: The amount exempt under section 10(5) for LTA/LTC is the value of any travel concession or assistance received or due to the assessee from his employer for himself and his family in connection with his proceedings on leave to any place in India. Exemption is available...

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Posted Under: Income Tax |

Useful tips to save Income Tax in F.Y. 2012-13

Income from Salary:-Section 17 of the Income Tax (IT) Act is all about taxation under the head 'salary'. In most of the cases, it is impossible for a salaried person to avoid tax on his income, except by way of deduction under chapter VI A of the IT Act....

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Posted Under: Income Tax | ,

DTC: LTA may be exempted

The government may allow the Leave Travel Allowance (LTA) to be exempted from taxation once the Direct Tax Code (DTC) comes into effect. The directive to this extent will figure in the rules to be framed by the finance ministry after the DTC is passed by Parliament....

Read More
Posted Under: Income Tax |

DTC: Bad news for Salaried- Leave travel Allowance (LTA) not available

Salaried taxpayers may have less kitty for holidays from April 2012, with the government proposing to scrap tax incentives on leave travel allowance in the new direct tax regime DTC. The Direct Taxes Code (DTC) bill, which was tabled in the Lok Sabha yesterday, seeks to do away with leave travel concession (LTC) from its list of exemption...

Read More
Posted Under: Income Tax |
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