Income Tax : The article explains the tax implications of domestic and international holidays under the Income Tax Act, 2025. It highlights rul...
Income Tax : The ITAT held that the enhanced ₹25 lakh leave encashment exemption is a beneficial and curative amendment and can apply retrosp...
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...
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 : ITAT ruled that although LTC exemption involving foreign travel stood disallowed by SC, such judgment could not retrospectively im...
Income Tax : The Tribunal held that the revised ₹25 lakh exemption limit for leave encashment under Section 10(10AA) must be considered and r...
Income Tax : The Supreme Court held that Leave Travel Concession involving foreign travel falls outside Section 10(5) exemption. Employers must...
Income Tax : The Supreme Court stayed recovery of tax and interest demanded for non-deduction of TDS on foreign LTC reimbursements. The matter ...
Income Tax : The High Court ruled that LTC involving foreign travel is not exempt under Section 10(5) and TDS must be deducted under Section 19...
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...
Supreme Court held that travel with a foreign leg is not covered under the provisions of section 10(5) of the Income Tax Act. Accordingly, TDS deductible on the same under section 192(1) of the Income Tax Act.
Leave Travel Concession (LTC) is a type of benefit provided to employees by their employers to travel within the country during their leave period. The objective of this benefit is to encourage employees to take a break from work and explore new places while spending quality time with their family.
As a salaried employee, he/she must submit a tax declaration form via Form 12BB at the beginning of each financial year or 3 months prior to the close of the particular financial year. The form is statement of claims that and employee gives for deduction of tax to his/her employer to claim exemptions or deductions […]
In some cases, the employer may provide leave travel concession or assistance to his employee to go on leave to any place in India either alone or along with his family. The employee is entitled to exemption under section 10(5) in respect of the value of leave travel concession or assistance received by him from his employer.
Leave Travel Allowance (LTA) First, we need to understand the concept of Leave Travel Allowance Related Rules and Exemption Guide then we can claim for this allowance. What is LTA? LTA stands for leave travel allowance. This allowance is provided by the employer to cover the travel expenses of the employee when he is gone […]
Income Tax Exemption of Rs. 36,000 per family member to a Salaried person for the Financial year 2020-2021 (also available to Private Sector Employees) Many Salaried employees get Leave Travel Concession (LTC) from their Employers which is exempt to the extent it is actually spent on travelling. LTC which could not be spent is taxable […]
CBDT notifies rules for LTC (Leave Travel Concession) Cash Voucher Scheme [Section 10(5)] vide which LTC Exemption of Rs. 36000 per family member For FY 2020-21 available to Employees of Both Private & Government Sector. Rules are notified vide Notification No. 50/2021-Income Tax Dated: 5th May, 2021 by inserting Sub-Rule 1A & IB in Rule […]
Keeping in view of practical difficulties in submission of bills/claims for purchases made particularly in late hours of 31st March, 2021(including on-line purchases), it is clarified that submission of bills/claims may be entertained and settled by Ministries/Departments not later than 30th April However, it is reiterated that the payment for the purchases should be made not later than the due date i.e. 31st March, 2021.
Whether the full and final settlement of the bills pertaining to LTC Cash Scheme is also to be ensured by 31st March, 2021, without any scope of spill over to the next financial year? As far as possible, the claims should be made and settled well before 31st March, 2021, Ministries/Departments may consider settlement of only those claims/purchases made on or before 31′ March, 2021 beyond the due date, i.e. 31st March, 2021.
Government in Budget 2021 notified Leave Travel Concession (LTC) cash Voucher scheme. In view of the situation arising out of outbreak of COVID pandemic, it is proposed to provide tax exemption to cash allowance in lieu of LTC. Initially, the scheme was announced in October 2020 for Central Government Employees and later via a press […]
