LTA & Ed. Allowance exepmtion query
This query is : Resolved
25 May 2009
i received LTA 5200 in cash for the year 2008-09. is it taxable or exempt under section 10.
i received ed. allowance 350 per month Yearly 4200/- so how it is taken in computaion of taxability.
i received ed. allowance 350 per month Yearly 4200/- so how it is taken in computaion of taxability.
CA E.A.Ravikumar
(Expert)
25 May 2009
If the amount you received for LTA is a reimbursent against submission of bills and within the no.of.journey within the block period then it is exempted. If the amount you receive is a fixed monthly amount irrespective of whether you travel or not then it is taxable.
Children education allowance, subject to (1) Rs.100 per child,per month (2) for two children is exempted u/s10.(14).
if you have one child then 100 X 12=1200 will be exempted, if the allowance is for two children then Rs.2400 is exempted
Children education allowance, subject to (1) Rs.100 per child,per month (2) for two children is exempted u/s10.(14).
if you have one child then 100 X 12=1200 will be exempted, if the allowance is for two children then Rs.2400 is exempted
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