LTA BLOCK YEAR
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?
How to save Rs 91,000 in tax using NPS, salary perks
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
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.
Rejig salary structure, opt for NPS to save Rs 1.4 lakh in tax
Sudhir Kaushik of Taxspanner.com tells readers how they can optimise their tax by rejigging their income and investments.
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10 salary components that can help employees reduce tax burden
Your salary structure is of utmost importance; as you would always seek to maximise your take-home salary. Do keep in mind that these components can help you save taxes only if you opt for old tax regime in the current financial year.
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.
Maximum period of leave for govt employees, leave encashment, childcare leave: Govt answers 19 FAQs
The government has published Frequently Asked Questions (FAQs) on leave policies and entitlements. This replaces the CCS (Leave) Rules of 1972 FAQs, which were previously published on the DOPT website on March 25, 2013, and April 28, 2015, respectively.
Tax optimiser: LTA, NPS can help Chandra cut tax by Rs 1.1 lakh
Chandra can save more than Rs 1 lakh in tax if his pay structure is rejigged to include some tax-free perks, his company extends the NPS benefit to its employees and he also invests in the scheme on his own.
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.
Budget 2022 should extend LTA cash voucher scheme due to continuing COVID-19
The resurgence in Covid cases in FY 2021-22 further hampered travel within the country. Further, the recent surge due to the Omicron variant has put travel on hold again which may continue in FY 2022-23 as well. Hence, the extension of the scheme for two more years, i.e., up to March 31, 2023 in the upcoming Union Budget 2022 would be a welcome move.
Forgot to submit tax-saving proofs to your employer? You can still claim the benefit for these
At times a taxpayer may forget to show the entire amount of the qualifying amount for deductions to the employer. There's still a way out.
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.
Tax relief for private company staff too for LTA spends on consumer goods
The government is keen to ensure that private-sector employees are also nudged to take advantage of the scheme that seeks to prop up consumer demand. The government expects this incentive to the private sector will generate additional consumer demand of Rs 28,000 crore.
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.
Tax optimiser: Salaried Chawla can save Rs 54,000 tax via NPS, LTA
Not only should you ask your employer for the NPS benefit, but you can also ask your company to replace the taxable medical and conveyance allowances in your salary with tax-free perks such as newspaper allowance and leave travel allowance (LTA).
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).
Tax optimiser: Desai can cut tax outgo by Rs 66,000 via NPS, perks
ET Wealth tells readers how they can optimise their tax by rejigging their income and investments.
Tax optimiser: NPS, LTA claim can help salaried Gupta cut tax by Rs 4 lakh
Not only should you ask your employer for the NPS benefit, but you should also invest in the scheme on your own. You can reduce your tax outgo significantly. Hence in this way, you can optimise your tax by rejigging your income and investments.
Tax optimiser: NPS and perks can help Sinha reduce his tax outgo by Rs 40,000
ET Wealth tells readers how they can optimise their tax by rejigging their income and investments.
Your employer can help you reach zero-tax income level of Rs 5 lakh: Here's how
Here are six benefits that can help the salaried bring down the taxable component of income from the employer.
Tax optimiser: How new taxpayer Malavika can cut outgo by 96%
Sudhir Kaushik of Taxspanner.com tells readers how they can optimise their tax by rejigging their income and investments.
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.
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.
How to structure your salary to save tax
Pay attention to your pay structure to get more in hand and pay less taxes.
How to revamp salary package to increase net pay
An easy way to reduce tax liability is to cut basic pay and adjust it as perks. If you have a special allowance component, adjust it as a tax-free component.
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