Lta taxable
This query is : Resolved
01 October 2013
sir
If an employer paying LTA every year to his emplyee with submission of supports. can the employer use exemption of LTA at every alternate year (means one year tax and next year exemption)instead of using block of year cluase. Request clear advise.
Thanks
If an employer paying LTA every year to his emplyee with submission of supports. can the employer use exemption of LTA at every alternate year (means one year tax and next year exemption)instead of using block of year cluase. Request clear advise.
Thanks
02 October 2013
Hi
Yes, however since exemption is available twice in a block of four years, the year in which it is paid as taxable no bills are required to collect.
Thanks!!
Yes, however since exemption is available twice in a block of four years, the year in which it is paid as taxable no bills are required to collect.
Thanks!!
02 October 2013
Yes, but we are paying LTA every year and getting supporting docs as a procedure. Therefore if we are taxing LTA at every alternate year(once in two FY). Is it correct?
Thanks
Thanks
02 October 2013
That is correct.
But my suggestion is if you are taxing LTA then no need to collect Bills.
Coz, Reimbursement is taxable when Bills are not produced/submitted, So there is no point in collecting bills also & taxing it.
Thanks!!
But my suggestion is if you are taxing LTA then no need to collect Bills.
Coz, Reimbursement is taxable when Bills are not produced/submitted, So there is no point in collecting bills also & taxing it.
Thanks!!
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Treatment of Pension ?annuity returns on PMVY
- TAN for Partnership
- Soyabean hsn code and gst rate
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- Free lancer income
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- TDS related Query_Liquidated Damages
- What is provisional receipt number for generation of form 16A
- Showing Gift from relative in ITR for this year
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
