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One such exemption available to the salaried class under the law and widely used by employers is Leave Travel Allowance (LTA)/Leave Travel Concession (LTC). LTA exemption is also available for LTA received from former employer w.r.t travel after the retirement of service or termination of service.
Jun 6, 2024 · Discover the ins and outs of Leave Travel Allowance (LTA) with our comprehensive guide on claiming, rules, exemptions, and eligibility. Learn how to optimize tax benefits while understanding the criteria for claiming, applicable regulations, tax exemption.
1 day ago · How much of a Leave Travel Allowance (LTA) is exempt from taxes? The LTA component of your pay package or CTC determines how much is free from LTA. You may submit documentation of your trip throughout the block period and submit claims up to the maximum allowed by your CTC.
Feb 22, 2021 · Leave Travel Allowance or Concession is one of those Available Exemption given to Salaried Assessee from his Total taxable income as per Section 10 subsection 5 of Income Tax Act 1961.
Jun 18, 2024 · Section 10(5), or leave travel allowance exemption, is applicable for individual taxpayers. The LTA exemption applies only to the domestic travel expenses, such as airfare, train or bus fare, incurred by the employee.
Jan 27, 2020 · Exemption on Actual Travel Expense – For example, where an employer provides LTA of Rs. 25,000, but an employee spends only Rs. 20,000 on the travel cost, then the exemption is limited to only Rs. 20,000. Travel cost means the cost of travel and does not include any other expenses such as food, hotel stay etc.
Jan 23, 2023 · Leave Travel Allowance (LTA) is a type of allowance which is provided by the employer to his employee who is travelling on leave from the work to cover his travel expenses. LTA is an important component of the salary of the employee as it is eligible for income tax exemption as per the Income Tax Act, 1961. Under Section 10 (5) of the Income ...
