Income tax
This query is : Resolved
Yogesh. B.K.
(Querist)
08 July 2010
Dear Sir,
I have submitted my investment projections to my employer & now my taxable salary is under limit.
I suppose to get incentive in the month of Feb/Mar-11 near about Rs.30000
Also I will claim LTA withour bills Rs.17500
after adding these amounts my income will be taxable & I suppose to pay tax near about Rs.4500.
Shall I tell my employer to deduct Rs.500 per month though my income is not taxable now.
Pl. suggest
I have submitted my investment projections to my employer & now my taxable salary is under limit.
I suppose to get incentive in the month of Feb/Mar-11 near about Rs.30000
Also I will claim LTA withour bills Rs.17500
after adding these amounts my income will be taxable & I suppose to pay tax near about Rs.4500.
Shall I tell my employer to deduct Rs.500 per month though my income is not taxable now.
Pl. suggest
Aditya Maheshwari
(Expert)
08 July 2010
As per a case law there is no need to submit proof for claiming LTA. However ur company may ask for the same for its own reference. However deduction can be claimed and is being given i suppose as LTA is a component in the salary itself.
Secondly the company will itself deduct TDS at the time of payment of bonus to you. So u should not tell ur company to deduct now. If u feel that small deduction of Rs. 500/- is better than deduction of Rs. 3000/- one time then u may choose that option.
Secondly the company will itself deduct TDS at the time of payment of bonus to you. So u should not tell ur company to deduct now. If u feel that small deduction of Rs. 500/- is better than deduction of Rs. 3000/- one time then u may choose that option.
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