Salary Income
This query is : Resolved
18 December 2008
Is there any difference between LTA and LTC in tax emptions while arriving Taxable income
20 December 2008
LTC - leave travel concession is based on expenditure the employer will give money to the employee - and this is exempted subject to the conditions of Sec. 10(5) of IT Act.
LTA - Leave Travel ALLOWANCE - this is an allowance which will not get any exemption as it is not depending on the actual expenditure.
So generally the companies will use LTC - if the amount is subjected to 10(5) or wish to give exemption to employees. But more than the name exemption is based on the satisfaction of the conditions in 10(5)
LTA - Leave Travel ALLOWANCE - this is an allowance which will not get any exemption as it is not depending on the actual expenditure.
So generally the companies will use LTC - if the amount is subjected to 10(5) or wish to give exemption to employees. But more than the name exemption is based on the satisfaction of the conditions in 10(5)
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