CURRENT LTA BLOCK
LTA or Leave Travel Allowance exemption limit, eligibility, restrictions, documents you need to submit: LTA latest rules here
Leave Travel Allowance (LTA), which is component of your salary, helps cover travel expenses incurred during your vacation. While it covers travel expenses, claiming LTA requires understanding specific rules. Eligibility depends on employer policies and salary structure. Who is eligible to claim LTA? What are the documents that you need to submit to claim LTA? When you can't claim LTA? LTA latest rules explained.
Central govt employees, private employees can't claim LTA if they don't follow these rules; LTA eligibility, other latest updates
LTA for central govt employees: Employers offer Leave Travel Allowance (LTA) to offset travel expenses during leave. It covers airfare, train tickets, or public transport, but reimbursement is capped by employer or tax limits. Confusions arise, especially with air travel. Here's a breakdown: Can you claim LTA with a confirmed flight ticket? Does the booking platform matter? Is family included? What documents are required for flight-based LTA claims?
ITR filing: How to calculate taxable income for salaried, professional, freelancers and others
ITR filing: If you are a salaried individual then you need to know how to calculate taxable income for salary, professional, capital gains and other incomes. Once you have calculated the gross total income from various heads of income, you can claim deductions to reduce your net tax payable. Read here to know more.
How to claim LTA: Eligibility, LTA rules, documents you need to submit, how much amount you can claim and more
Leave Travel Allowance or LTA, a component in your salary, helps offset travel expenses incurred during your vacation. The benefit extends to family – covering travel costs for your spouse and dependent children, and family members. To claim LTA, you need to submit documented proof of travel costs to your employer within the stipulated deadlines. Who can claim LTA? What are the documents that you need to submit? What are the conditions you need to keep in mind while claiming LTA? All questions answered.
LTA exemption: Submit tax-saving proofs to employer by March 31 deadline as claiming LTA in ITR is a hassle
LTA, usually a component of your salary, covers the expenses of your travel during vacation. The cost incurred for family members who travel with an employees is also allowed as exemption. To claim LTA, the employee typically needs to submit documentary evidence of the incurred travel expenditure to the employers within specific deadlines.
Best ways to save income tax: 10 tax-saving investment options for you
ET Wealth annual ranking of tax-saving instruments helps such individuals make the right choices. We assessed 10 tax-saving options on eight key parameters—returns, safety, flexibility, liquidity, costs, transparency, ease of investment and taxability of income. Each parameter has equal weightage and the composite scores determine the place in the ranking.
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Don't forget to claim your LTA tax exemption this year: Here is how
LTA exemption is available for 2 journeys in a block of 4 yrs. While the current block is 2022-25, one can undertake three journeys in the current block provided only one journey was undertaken in the last block (2018-2021) and no tax exemption has been availed under the LTC Cash Voucher scheme for FY 2020-21.
What are the tax exemption limits for allowances, reimbursements paid to employees? Find out
Here are the tax-exemption limits for various allowances that are recived by employees. Do note that these allowances are partially or fully taxable in the hands of an employee under the old tax regime for current financial year.
How to claim LTA from your employer
Before availing of the tax benefit on LTA, there are, however, certain other important conditions attached to it. Read on to know them. Do keep in mind that tax exemption on LTA can be claimed in the old tax regime only for FY 2021-22.
Tax deductions, exemptions not available in new tax regime
Here is the list if tax deductions and exemptions that one cannot claim if he/she opts for new tax regime for a particular financial year.
LTC Cash Voucher Scheme: 42 queries answered by government
The government has announced the LTC Cash Voucher Scheme in lieu of LTC travel scheme via a press conference dated October 12, 2020. As the employees may have several queries regarding the scheme, the government has put 15 faqs to resolve the employees' queries.
How to save tax without fresh investments
Here is a look at expenses/deductions which can be used to reduce tax payable under the old tax regime.
Should you opt for the LTC cash voucher scheme? Here's how much tax you will save
Here is a look at how much you stand to gain by opting for the LTC cash voucher. This story will tell you about the rules of availing the LTC benefit and compare it to the conditions specified under the new voucher. Further, we will tell you if you should indeed opt for this scheme.
Govt launches tax-exempt LTC cash voucher scheme to boost consumer spending
This is a one-time scheme and payment will be only in lieu of one LTC during the block of four years 2018-21. This should help people to some extent as it makes one third of their spending, as per specified conditions, tax exempt.
Has working from home increased your tax liability? This is what you should do to save on tax
As work-from-home becomes the new normal across the country, salaried taxpayers are seeing their tax shoot up. Many of the allowances in the pay package, including the commonly used reimbursement of fuel or conveyance expenses, have become taxable due to the travel restrictions imposed by Covid.
Working from home may prove ‘taxing’: Here's why
As professionals work from home, salary components such as conveyance allowance can no longer be tax-free, and given the spread of the pandemic, one may also not be able to take a vacation and claim LTA (which can be claimed twice in a block of four years).
Working from home may prove ‘taxing’
Marketing executive Babu Vishwanath is happy that he has been able to save money in work-from-home (WFH) mode. He has not spent on eating out, commuting to office or even shopping as Covid-19 fears have ensured a continuous lockdown since March.
Form 16: New format for salary TDS certificate makes it difficult to fudge income, tax breaks
The new format will allow I-T department to view a detailed break-up of the income and tax breaks.
How you can use LTA to go on a tax-free vacation
Under LTA coverage one is allowed to claim exemption for self, spouse, two children, dependent parents and dependent siblings.
Budget 2017: Wishes and Horses
Like every year, this time too various sections have their own wish list for the Finance Minister
Basic exemption limit might be raised to Rs 3,00,000 in Budget 2017: Kuldip Kumar, PwC India
Kuldip Kumar, partner and leader, personal tax, PwC India speaks about what individual tax payers can expect from Budget 2017.
Experts' suggestions on how Budget 2017 can cut your direct tax burden
Here are suggestions from some experts on how the coming budget can help reduce the direct tax burden on the common man and also make tax compliance easier.
Switched jobs? Make sure you file your return right
Compiling numbers from the two Form 16s is not enough. You will have to dig deeper. ET Wealth tells you how.
Budget 2016: Mr Arun Jaitley, please make our tax benefits inflation-proof
Employee can only get the benefits of some tax exempt allowances. However, most of the exemption limits have not been revised for years, eroding real tax benefit.
How to make the most of your Leave Travel Allowance
Holidays can mean heavy expenses. However, if you are a salaried individual, you can use the same vacation to save a decent amount on tax outgo.
Budget 2015: Government may relax LTC norms to boost tourism
The Budget for 2015-16 is likely to expand the scope of LTA and LTC by including hotel and other expenses besides travel for the purpose of tax benefit.
Leave travel allowance (LTA) to be tax exempt only for domestic travel
This was clarified in a recent ruling by the Chandigarh bench of the Income Tax Appellate Tribunal (ITAT) while hearing an appeal of a PSU bank employee.
When and how to claim LTA to maximise tax benefits
If you are entitled to leave travel allowance, you can claim it to reduce your tax. Find out when and how to claim it before you catch your next flight.
DTC may end up as a zero-sum game
While you may lose out on LTA exemptions & HRA computations remain hazy, the salaried can draw solace from higher medical & retirement benefits.
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