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Income Tax : The ITAT held that the enhanced ₹25 lakh leave encashment exemption is a beneficial and curative amendment and can apply retrosp...
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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...
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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...
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Income Tax : CBDT has issued Notification No. 31/2023-Income-Tax and Increased limit for tax exemption on leave encashment for non-government ...
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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...
(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 are eligible for LTC Fare.
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.
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.
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.
1. The Government vide office memorandum no. F.No. 12(2)/2020—EH(A) dated 12 October 2020 announced the Cash Voucher LTC (Leave Travel Scheme) scheme for Government employees. 2. What is LTC Scheme? The Leave Travel Scheme is assistance received by the employee from his employer for traveling on leave. The employee and family can visit anywhere in […]
Finance Minister announces measures of Rs 73,000 crore to stimulate consumer spending before end of this Financial Year in fight against COVID-19. Cash payment and leave encashment in lieu of one LTC during 2018-21 according to entitlement. Special Festival Advance Scheme revived as a one-time measure for both Gazetted and non-Gazetted employees
Under LTC Cash Voucher Scheme, the Government has decided to give cash payment to employees in lieu of one LTC during 2018-21, in which full payment on Leave encashment and tax-free payment of LTC fare in 3 flat-rate slabs depending on class of entitlement will be given.
It has been decided that cash equivalent of LTC, comprising Leave Encashment and LTC fare of the entitled LTC may be paid by way of reimbursement, if an employee opts for this in lieu of one LTC in the Block of 2018-21 subject to the following conditions:-
Leave Travel Assistance / Allowance / Concession (LTA) Leave Travel Concession / Assistance / Allowance (LTA) is generally paid as a part of salary to employee for his travel on his planned leaves with / without his family. The amount paid by the employer to employee is exempt from tax subjected to conditions which is […]
CTC is cost to company and the components are Basic +HRA +Conveyance +Mobile/Telephone Expense Reimbursement +Medical Reimbursement +All allowances +Leave Travel Allowance (LTA).
