Nettet9. feb. 2024 · LTA (Leave Travel Allowance) is an allowance paid by employers to their employees when they are on leave and travelling either alone or with family within India. Subject to certain conditions laid down in the income tax act, it … Nettet13. jan. 2024 · LTA tax exemption falls under section 10(5) of the Income Tax Act, wherein the employee can get his/her travel expenses reimbursed from the employer. …
Allowances allowable to tax payer
Nettet20. mar. 2024 · In order to claim exemption under Section 10 (14), the following conditions must be satisfied: The allowance or benefit should be specifically granted to the employee by the employer. The allowance or benefit should be used by the employee for the purpose for which it is granted. The employee should furnish the necessary bills and … Nettet22. feb. 2024 · Leave Travel Allowance or Concession is one of those Available Exemption given to Salaried Assessee from his Total taxable income as per Section 10 … does microsoft have a pdf app
Leave Travel Allowance - Income under the Head Salary Income …
NettetLeave Travel Allowance ... There are different tax benefits like deductions and exemptions under the Income Tax Act, 1961, ... is an important salary component for an employee which helps him/her save income tax. The travel fare or benefit is eligible for journeys taken within the boundaries of the country. Nettet31. jan. 2024 · Leave Travel Allowance (LTA) is a tax exemption granted to the salaried class under Section 10 (5) of the Income Tax Act. Outside of standard deductions for things like LIC premiums and mortgage interest, the Income Tax Act of 1961 offers several exclusions specifically for the salaried class. The difference between a … Nettet23. jan. 2024 · 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 … does microsoft have any physical stores