LTA - Page 2

LTC: Reimbursement of cancellation/reschedule charges for air/train tickets

Notification No. 31011/1/2020-Estt (A.IV) 07/01/2021

No. 31011/1/2020-Estt (A.IV) Government of India Ministry of Personnel, Public Grievances and Pensions Department of Personnel and Training (Establishment A-IV Desk) North Block, New Delhi-110001 Dated: 7 January, 2021 OFFICE MEMORANDUM Subject:-Reimbursement of cancellation/reschedule charges for air/train tickets booked for the purpose ...

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Idea- Tweaking IT Act to integrate J&K, Ladakh and North East & Bolster economic progress 

Currently, the Act gives a two-year Leave Travel Allowance (LTA) window in a block of four years. This is primarily for the salaried people to avail the tax benefits. But what if the LTA component in the IT Act is tweaked to include ‘specified blocks of LTA’ as a concept to encourage tourism to the […]...

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Posted Under: Corporate Law |

Tax Exemption For LTA Under Special Cash Voucher LTC Scheme

1. The Government vide office memorandum no. OM No F. No 12(2)/2020-EII (A) dated 12th October 2020 announced the Cash Voucher LTC (Leave Travel Scheme) scheme for Central Government employees. 1.1 The Central Board of Direct Taxes issued a press release on October 29, 2020, to provide a similar scheme & income-tax exemption to non-ce...

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Posted Under: Corporate Law |

An Overview of Special Cash Package LTC Scheme

An Overview Of Special Cash Package LTC Scheme 1. Further to my article Special Cash Package Scheme In Lieu of LTC for Government Employees, I have received several queries related to the applicability of the scheme. The Government vides office memorandum followed by FAQs (Frequently Asked Questions) has clarified issues related to the sc...

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Posted Under: Corporate Law |

Leave Travel Concession – Income Tax Exemption

Government has recently made an announcement on 29th October, 2020 in continuation to an earlier announcement made vide Office memorandum F.No. 12(2) /2020-EII (A) dated 12th October, 2020, that all non-central government employees will be eligible for income tax exemption for the entire leave travel concession amount maximum up to Rs 36,...

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Posted Under: Corporate Law |

COVID 19 Ex Gratia to borrowers for difference in interest : FAQs

The bank/ lending institution will provide ex gratia payment to the borrower account of the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding upto Rs. 2 crores (aggregate of all the borrowings / facilities from all the banks and financial Institutions) for the period from 1st ...

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Posted Under: Corporate Law |

Special Cash Package equivalent in lieu of Leave Travel Concession Fare- Reg.

F. No. 12(2)/2020-EII(A) 04/11/2020

(i) the advance taken under the Special Cash Package equivalent in lieu of Leave Travel Concession Fare for Central Government Employees during the Block 2018-2021 shall be settled on or before 31st March, 2021, and (i) the invoices of the goods and services purchased as per the scheme may be in the name of spouse or any family member who...

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Income-tax Exemption on deemed LTC fare for non-Central Government employees

In order to provide the benefits to other employees (i.e. non-Central Government employees) who are not covered by the above mentioned OM, it has been decided to provide similar income-tax exemption for the payment of cash equivalent of LTC fare to the non-Central Government employees also....

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Posted Under: Corporate Law |

FAQs on LTC Cash Voucher Scheme

No. 12(2)/2020-E.II(A) 20/10/2020

Clarification regarding queries being received in respect of Special cash package equivalent in lieu of Leave Travel Concession Fare for Central Government Employees during the Block 2018-21....

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Misinterpretation of LTC stimulus and its benefits

NA 13/10/2020

A report has appeared in the Economic Times Markets (ETMarkets.com) which gives the impression that the LTC voucher scheme for Government employees may not be attractive. Unfortunately, the piece which it relies on has a serious factual error in its understanding of how Government LTC works....

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