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...
Central Government has come up with a new scheme providing for some relief to employees in the country. As we all know, due to COVID-19 pandemic, people are not in a position to travel, and the employees earning Leave Travel Allowance (LTA) are unable to claim the respective exemption. So, keeping a view to let […]
Discover the tax benefits of Leave Travel Concession (LTC/LTA) under Section 10(5) of the Income Tax Act, 1961. Learn how to save on your taxable income.
State Bank of India Vs ACIT (ITAT Mumbai) A plain reading of the section 10(5) read with rule 2B does not indicate any requirement of taking the shortest route for travelling to “any place in India” or putting any kind of restrictions the route to be adopted for going to such a destination. Quite to […]
Under the existing provisions of the Act, clause (5) of section 10 of the Act provides for exemption in respect of the value of travel concession or assistance received by or due to an employee from his employer or former employer for himself and his family, in connection with his proceeding on leave to any […]
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 of LTC and relaxation of LTC advance due to COVID-19 pandemic- relaxation regarding. […]
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 […]
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-central […]
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 scheme. 1.1 […]
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 36,000 per person as […]
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 March 2020 to 31st August 2020 (6 months / 184 days).
