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...
State Bank of India Vs ACIT (ITAT Bangalore) The assessee is a banking institution. A survey u/s 133A of the Act was conducted in the hands of the assessee in order to verify compliance of TDS provisions. It was noticed that the assessee has provided LTC facility to its employees and some of the employees […]
Everything you need to know about Leave Travel Concession (LTA) and the mandatory supporting documents for claiming LTA.
Procedure for booking of air-tickets on LTC and to say that as per the extant instructions, whenever a Government servant claims LTC by air, he/she is required to book the air tickets directly from the airlines (Booking counters, website of airlines) or by utilizing the services of the authorized travel agents
In this regard it is clarified that the Special Cash Package is in lieu of pending LTC for the Block between 2018-21 and bills for availing this scheme are to be submitted before 31.03.2021. No prior intimation as is being given in the case of LTC Scheme is required and for the year 2018-19 (extended till 31.12.2020), the claims can be made before 31.03.2021.
Leave Travel Allowance (LTA) is the most common element of compensation adopted by employers to remunerate employees due to the tax benefits attached to it. Section 10(5) of the Income-Tax Act, 1961, read with Rule 2B, provides for the exemption and outlines the conditions subject to which LTA is exempt. Through this write-up, I want to shed light on the taxability and some other interesting relevant aspects which you as a salaried employee must keep in mind.
We go on travel with our family and if we can get tax benefits on such traveling expenses, than why waste to it. This Article on Leave Travel allowance or LTA explains how to claim LTA benefit and Income Tax Provisions related to the same.
LTA (Leave Travel Allowance) is one of the salary components known to all of us but very few including the HR people have clarity on the exemption on account of LTA. Let’s have a clarity capsule on LTA & know the facts about LTA we all should know: This exemption is allowed for expenses pertaining […]
Shri Rajeshkumar Navnitlal Dani Vs ITO (ITAT Ahmedabad) Provision of sec. 10(5) of the Act only that reimbursement of travel concession or assistance to an employee is exempted which was incurred for travel of the individual employee or his family members to any place in India and nowhere in this clause it had been stated […]
Tax Planning is most important part of Finance Planning for Tax Payers In India especially for Individual and Salaried tax Payers. In this Article we are discussing some Tax Planning Tips mainly for Individual and Salaried tax payers by which they can minimise their tax burden for Financial Year 2018-19 or Assessment year 2019-20
Earned leave means the leave accrued to the employee in proportion of the work done by him. This varies from employer to employer. For example in government sector, the earned leave is 2.5 days for every month worked. This 2.5 days is granted with a view to provide him rest to enable him to recover from the stess and strain endured by him during the course of his work. This can be accumulated and either taken in the subsequent months or encashed as per the rules extant in force.
