Salary- LTA Exemption under Section 10
This query is : Resolved
04 February 2008
LTA:
If the company is having a policy of carry forwarding the LTA balance to subsequent calendar year in the same block, can an employee submit bills pertaining to the previous calendar year in the year the balance of transfer.
For example if the employee had not claimed in the year 2006 and the balance pertaining to that year is transferred to the next calender year 2007. Now the employee claims for the year 2006,in the year 2007 with the bills dated 2006. Can an employee submit the bills pertaining to last calender year in the year 2007. Whether the company can accept such bills and whether such payment be given exemption under Income Tax Act, 1961
If the company is having a policy of carry forwarding the LTA balance to subsequent calendar year in the same block, can an employee submit bills pertaining to the previous calendar year in the year the balance of transfer.
For example if the employee had not claimed in the year 2006 and the balance pertaining to that year is transferred to the next calender year 2007. Now the employee claims for the year 2006,in the year 2007 with the bills dated 2006. Can an employee submit the bills pertaining to last calender year in the year 2007. Whether the company can accept such bills and whether such payment be given exemption under Income Tax Act, 1961
S.Srinivasaraghavan
(Expert)
04 February 2008
LTA is tax exempt for two years in every four year block of calender year commencing 1986.
The present block is 2006-2009.
Therefore subject to fulfilling Rule 2B, you are entitled to tax concession
The present block is 2006-2009.
Therefore subject to fulfilling Rule 2B, you are entitled to tax concession
Devendra Mishra
(Expert)
05 February 2008
Yes if within that Block
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