Leave travel concession
This query is : Resolved
14 February 2014
Is the employee liable to pay tax on LTC received from employer in the very first year of its receipt.
If an employee gets one time leave travel concession of Rs. 100,000/- in January 2013 and gets retire thereafter.
will this amount be taxable in the year of its receipt i.e. F.y. 2012-13 as the block prescribed now ends.
If an employee gets one time leave travel concession of Rs. 100,000/- in January 2013 and gets retire thereafter.
will this amount be taxable in the year of its receipt i.e. F.y. 2012-13 as the block prescribed now ends.
14 February 2014
it should not be taxable. however the exemption is subject to actual travel expenditure incurred by the assessee.
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15 February 2014
Thanks Sir..
But what if the employee does not make any journey till march 2013??
But what if the employee does not make any journey till march 2013??
15 February 2014
then no exemption can be claimed..LTA can be claimed only where actual expenditure is incurred.
15 February 2014
Thanks again Sir.. but still my doubt is pending..as there is a provision of carry forward also.
receipt of LTC in Jan, 2013
Journey made in May 2014.
Block ends on 2013.
amount to be taxed is...
A.Y. 2013-14 salary(including LTC) ???
receipt of LTC in Jan, 2013
Journey made in May 2014.
Block ends on 2013.
amount to be taxed is...
A.Y. 2013-14 salary(including LTC) ???
15 February 2014
but isnt your assessee retiring in January?? if he retires that how will he carry it forward?
with regards to carry forward for the people who continue to be in employment, it is the eligibility that is carried forward. what you receive is just an advance, you need to use it within a specific period of time to get the deduction.
with regards to carry forward for the people who continue to be in employment, it is the eligibility that is carried forward. what you receive is just an advance, you need to use it within a specific period of time to get the deduction.
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