Income Tax : Summary of key income tax benefits for salaried individuals for AY 2026-27, covering a range of exempt allowances like HRA, Childr...
Income Tax : While employers may assess LTA claims based on declarations provided by employees, they are not obligated to collect proof such as...
Income Tax : Unravel the intricacies of LTA under Section 10(5) of the Income Tax Act. Explore exemptions, key judgments like State Bank of Ind...
Income Tax : Understand LTC (Leave Travel Concession) claim provisions, eligibility, documents needed, and tax implications. Learn how to maxim...
Income Tax : Explore the taxation rules for leave encashment, covering taxability during service, retirement, and for legal heirs. Stay updated...
Finance : The bank/ lending institution will provide ex gratia payment to the borrower account of the difference between compound interest a...
Income Tax : In order to provide the benefits to other employees (i.e. non-Central Government employees) who are not covered by the above menti...
Income Tax : As per the provisions of section 10(5) of the Income-tax Act, 1961, an exemption of the value of leave Travel Concession/Assistanc...
Income Tax : The government may allow the Leave Travel Allowance (LTA) to be exempted from taxation once the Direct Tax Code (DTC) comes into e...
Income Tax : Salaried taxpayers may have less kitty for holidays from April 2012, with the government proposing to scrap tax incentives on leav...
Income Tax : Karnataka High Court dismisses SBI's appeal, upholding TDS demand for foreign travel LTC claims. The court cites a Supreme Court p...
Corporate Law : Delhi High Court rules that government employees cannot change LTC destinations midway without prior approval, dismissing a review...
Income Tax : ITAT Delhi held that TDS is required to be deducted under section 192 of the Income Tax Act on the reimbursement of LTC (Leave Tra...
Income Tax : ITAT Ahmedabad deletes disallowance on leave encashment for employees in Department of Telecommunication under Section 10(10AA) of...
Income Tax : State Government Undertaking may be considered as a State instrumentality within the definition of article 12 of Constitution of I...
Income Tax : CBDT has issued Notification No. 31/2023-Income-Tax and Increased limit for tax exemption on leave encashment for non-government ...
Income Tax : CBDT notifies rules for LTC (Leave Travel Concession) Cash Voucher Scheme [Section 10(5)] vide which LTC Exemption of Rs. 36000 pe...
Corporate Law : Keeping in view of practical difficulties in submission of bills/claims for purchases made particularly in late hours of 31st Marc...
Income Tax : Whether the full and final settlement of the bills pertaining to LTC Cash Scheme is also to be ensured by 31st March, 2021, withou...
Corporate Law : No. 31011/1/2020-Estt (A.IV) Government of India Ministry of Personnel, Public Grievances and Pensions Department of Personnel and...
Summary of key income tax benefits for salaried individuals for AY 2026-27, covering a range of exempt allowances like HRA, Children Education Allowance, and Transport Allowance, along with taxable perquisites, retirement benefits (Gratuity, NPS, Leave Encashment), and standard deductions.
Karnataka High Court dismisses SBI’s appeal, upholding TDS demand for foreign travel LTC claims. The court cites a Supreme Court precedent that denies tax exemption for journeys with a foreign leg.
Delhi High Court rules that government employees cannot change LTC destinations midway without prior approval, dismissing a review plea on procedural grounds.
While employers may assess LTA claims based on declarations provided by employees, they are not obligated to collect proof such as tickets, boarding passes, or travel invoices. However, depending on internal policies, employers retain the right to demand such proof for internal audit or compliance purposes.
ITAT Delhi held that TDS is required to be deducted under section 192 of the Income Tax Act on the reimbursement of LTC (Leave Travel Concession) /LFC (Leave Fare Concession) and HTC (Home Travel Concession).
Unravel the intricacies of LTA under Section 10(5) of the Income Tax Act. Explore exemptions, key judgments like State Bank of India vs. ACIT, and practical considerations.
ITAT Ahmedabad deletes disallowance on leave encashment for employees in Department of Telecommunication under Section 10(10AA) of Income Tax Act. Read full order
Understand LTC (Leave Travel Concession) claim provisions, eligibility, documents needed, and tax implications. Learn how to maximize the tax benefit for travel expenses.
Explore the taxation rules for leave encashment, covering taxability during service, retirement, and for legal heirs. Stay updated with the latest CBDT relief, raising the exemption limit to ₹25 lakh for non-government salaried employees, effective April 1, 2023. Learn about the conditions under Section 10 of the Income Tax Act and stay informed about the tax benefits available to employees for leave encashment.
Explore the increased tax exemption on leave encashment for non-government employees in India. Learn about the new limit, eligibility, and implications on retirement benefits.
