If the company is having a policy of carry forwarding the LTA balance to subsequent calendar year in the same block, can an employee submit bills pertaining to the previous calendar year in the year the balance of transfer.
For example if the employee had not claimed in the year 2006 and the balance pertaining to that year is transferred to the next calender year 2007. Now the employee claims for the year 2006,in the year 2007 with the bills dated 2006. Can an employee submit the bills pertaining to last calender year in the year 2007. Whether the company can accept such bills and whether such payment be given exemption under Income Tax Act, 1961
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