Gross total income includes lta

This query is : Resolved 

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
10 April 2012
pls explain wht LTA is considered in gross total income since it is exempted as per income tax rules..so why we include it in gross total income

10 April 2012 It depends on the choice made by employee. If the employee wishes to have LTA every month as a taxable component then you can take LTA as part of your monthly salary. If you wish your company should accumulate LTA and release when you produce bills of your travel then the company will release to you once a year.When you get it reimbursed then it is non taxable upto the bills submitted by you.

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
10 April 2012 Thanku for the reply..now it is clear that it depends totally on person wish to have LTA every month..again one doubt is that if i am not taking LTA and then if i produce documents ie bills for reimbursement so company will allow it or not..can you tell the exact rule for it


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries



CCI Pro

Follow us
add to google news


Answer Query



Company
24 June 2026
Senior Account (VA Client Operations)

Karbon Business

Bengaluru

CA Inter

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
25 June 2026
Accounts & Taxation Executive

Dindukurthy & Associates

Hyderabad

MBA

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
ARTICLESHIP 24 June 2026
ARTICLE ASSISTANT

BHUPINDER SHAH AND COMPANY

New Delhi

CA Inter

View Details
Company
12 June 2026
Accounts & Taxation Executive

Winshine Financial Services

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 24 June 2026
CA Article Trainee

Rahul Dang & Associates

Pune

CA Inter

View Details
Company
22 June 2026
Finance Manager- Chartered Accountant

Triveni Turbine Limited

Bengaluru

CA

View Details