travel allowance

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 Indian Railways or Air Indiaand state transport corporation buses. Full Article

If you think the new direct tax code unveiled by finance minister Pranab Mukherjee on Wednesday will save you tax, think again. For taxpayers in the lower brackets, taxes may actually go up, depending on various assumptions. People who make substantial income from buying and selling shares may also lose out. Full Article

To file I-T returns, the choice for salaried individuals will be between the Indian Income Tax Return – 1 (ITR-1) and ITR-2 forms. If your earnings for the year are through salary income and interest earned on bank deposits, then ITR-1 is the form you should fill up. If you are a salaried individual and [...] Full Article