08 November 2009
Travel concession to the employee is given during employment or after termination/retirement or both??
In case it is given after the employees retirement or termination, why would some employer give such a concession when the employer is not working with him?
08 November 2009
I dont think so there will be any company which is giving travel concession to retired employyes otherwise it is unhealthy practice and secons thing regarding taxability LTC will be exempt as per income tax act , if he is employee
13 November 2009
LTC u/s 10(5) is allowable during employment and after termination/ retirement. The relevant Section of I.T. is reproduced below for your ready reference:- "[(5) in the case of an individual, the value of any travel concession or assistance received by, or due to, him,
(a) from his employer for himself and his family, in connection with his proceeding on leave to any place in India ;
(b) from his employer or former employer for himself and his family, in connection with his proceeding to any place in India after retirement from service or after the termination of his service,"
CAclubindia
