LTA FULL FORM IN SALARY
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?
A hockey player wanted to form a pro women's league. Billie Jean King helped make it happen
Kendall Coyne Schofield, driven by a need for change, played a key role in founding the Professional Women's Hockey League. Collaborating with figures like Billie Jean King and Mark Walter, she helped build a sustainable league featuring six teams from both Canada and the US. The league addressed financial challenges and secured significant investment, ensuring fair salaries and benefits for players. The first season saw high attendance and media interest, setting a strong foundation for the future of women's professional hockey. Coyne Schofield's efforts represent a significant advancement in women's sports, benefiting future athletes.
Budget 2024: Here is Finance Minister Nirmala Sitharaman's full budget speech; Click to read
Budget 2024: Finance Minister Nirmala Sitharaman presented the Budget for 2024-25, marking her 7th consecutive presentation. This budget is the first during Prime Minister Narendra Modi's third term in office. Sitharaman emphasized India's continued economic growth amidst global policy uncertainties.
How to file ITR-2 online with salary, capital gains and other incomes for FY 2023-24 (AY 2024-25)?
ITR-2 can be filed using the Excel or Java utilities provided by the income tax department, or online directly through the e-filing portal. This guide outlines the most effective way to file ITR-2 online, including examples of reporting salary, capital gains, and other incomes in the tax return form.
Income Tax Return Filing 2024: Steps to file ITR without form 16
ITR filing: Some employees who receive a salary and self-employed individuals may not get Form 16. This can cause confusion when filing their Income Tax Return (ITR) because Form 16 is an essential document for this process.
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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.
ITR filing FY23-24: Want to reduce tax outgo? Know which deductions you can claim in old and new tax regime
Income tax return: While filing ITR you can claim certain tax deductions to reduce your total income tax outgo and increase the tax refund amount. According to CA Shreya Jaisal, "You can still claim additional deductions in your ITR even if they are not appearing in your Form 16, provided you have legitimate proof for it."
Form 16 due date: When will you get TDS certificate from your employer?
Last date to get Form 16: Salaried individuals need Form 16 to make the ITR filing process easier for them. It is a TDS certificate showing all the taxes deducted during the financial year as well as total income paid by an employer during the financial year. Read on to know the deadline for employer to issue Form 16.
Shareholder nod for Swiggy’s $1.25 billion IPO; Koo halts salaries
Online food delivery major Swiggy has received shareholder approval to go public. This and more in today’s ETtech Top 5.
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.
How to switch from new tax regime to old tax regime
Change income tax regime: At the start of the financial year, an individual is required to select one tax regime - old or new- for deducting of taxes on salary by employer. However, it may happen that an individual wants to switch the tax regime from what was opted in the start of the financial year. The income tax laws allow such change. Here is how to go about it.
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.
TDS on salary is not at fixed rate; know how tax is calculated and deducted by employer
TDS on salary: Before paying a salary every employer will deduct tax deducted at source (TDS) and then pay a salary to their employees. However the rate of deduction of TDS is not fixed and it is determined by calculating the average rate of tax of the employee. Read here to know exactly how the calculation for TDS is done.
Tax-saving ideas: How to restructure your salary to reduce income tax outgo by more than Rs 1 lakh
Taxpayers can reduce their tax significantly by reformatting their salary. If companies restructure their compensation packages by replacing taxable emoluments with some tax-free perks, they can lower the tax liability of their employees. There are several such tax-exempt allowances, including food coupons and reimbursement of expenses on fuel and travel, newspapers and periodicals, phone and Internet. The taxable portions of the salary, such as the special allowance, can be reduced to make place for the tax-exempt allowance. Find out how to go about it.
Can you still use Paytm Payments Bank wallet to make payments after March 15?
Latest news for Paytm users: Paytm and PPBL have mutually agreed to discontinue various inter-company agreements, according to a notification on the stock exchanges dated March 1, 2024.
Vistara, Air India pilots to have uniform pay structure
The pilots of Vistara will get a fixed salary for 40 hours instead of the current 70 hours. They will get paid for extra flying hours and will also earn an additional amount as a reward based on the years of service with the airline, according to a memo sent to pilots and reviewed by ET.
11 ways of tax savings for salaried individuals for FY 2023-24
11 tax deductions for salaried individuals: If you want to save tax for FY 2023-24 then there is still time. Given below is a list of 11 tax deductions which you can claim upon fulfilling certain investment or other criterias. These tax deductions can help you lower your total income and thus reduce your tax outgo.
What is the right salary structure to save income tax? Five flexi benefits can help in big income tax savings
One thing which most of the salaried employees often ignore is having a salary structure that rewards you with maximum tax saving based on your spending preferences. A new salary hike or revision is an opportunity for you to ensure that it is structured in a way that helps you in minimising your income tax outgo. We tell you how you can ensure that your salary is tax efficient.
TDS on salary: How to avoid higher income tax under new, old tax regime
With the start of the new year, employers send an email to their employees asking to submit the proofs for investment declaration made during the financial year. This is done to avoid higher tax deducted from salary income. Read on to know the proof you must submit to avoid higher taxes under new and old tax regimes.
ITR-1,4 for income tax return filing FY2023-24 notified by CBDT; last date to file July 31, 2024
The Central Board of Direct Taxes (CBDT) has notified the income tax return forms for current financial year i.e. FY 2023-24 (AY 2024-25). The ITR forms have been issued more than three months before the current financial year ends. The last date to file ITR for FY 2023-24 is July 31, 2024.
Who is the highest-paid NHL player, when will salary cap go up? Know players with highest salary
When the NHL salary cap goes up next season, most of the players will get better salaries. What for now? Know 10 highest-paid players at present.
ITR filing deadline of July 31 should be extended: Why 45 days is not enough to file income tax return
The last date to file income tax return (whose books of accounts are not required to be audited) is July 31 every year. However, there are few compelling reasons to extend this date permanently. Read on to know why there is a need to extend ITR filing deadline permanently from July 31.
Salaried getting income tax notices for deductions of FY21-22 ITR: Watchouts for current ITR
Salaried individuals have come under income tax department's scanner for making fake deductions claims in the income tax returns filed last year i.e., for FY 2021-22 (AY 2022-23). Hence if you are filing income tax return now, then you must not make certain mistakes to avoid getting income tax notices.
How to file income tax return with two or more Form 16s
Form 16 is a basic document required to file the income tax return by salaried individuals. It may happen that individuals have switched jobs during the financial year. In such a scenario, an individual will require Form 16 from both employers to start the process of filing ITR. Form 16 is a TDS certificate containing details of the salary paid to an employee during the financial and taxes deducted on it.
How to rejig your salary perks to save Rs 75,000 in tax
Sudhir Kaushik of Taxspanner.com tells readers how they can optimise their tax by rejigging their income and investments.
Tax payments to rent to school fees: Soon you can use Bharat Bill Pay (BBPS) for all payments
In a bid to make lives easier for thousands of people, the Reserve Bank of India (RBI) has expanded the scope of the Bharat Bill Payment System to include all categories of payments and collection, both recurring and non-recurring
ITR forms for FY 2021-22 notified, no major changes in income tax return forms
The income tax return forms notified by the CBDT for FY 2021-22 have been kept unchanged. The individuals are required to provide information related to income received form various sources such as salary, rent etc. in the ITR forms, as applicable, for the FY ended on March 31, 2022.
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.
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