Treatment of LTA and ADVANCE TAX
This query is : Resolved
27 July 2008
Dear Sir,
My friend is getting LTA @1250 pm, is this wholly exempted or taxable. Pls let me know the calculation of exemption and as he has already paid 40K as IT for march 08 as deducted by his employer. Now while preparing his computation, he found that tax to be paid is 15K more. So if he files IT as on 31st july 08 within duedate and pays 15K also, then also is he liable to pay any interest or penalty. pls suggest
My friend is getting LTA @1250 pm, is this wholly exempted or taxable. Pls let me know the calculation of exemption and as he has already paid 40K as IT for march 08 as deducted by his employer. Now while preparing his computation, he found that tax to be paid is 15K more. So if he files IT as on 31st july 08 within duedate and pays 15K also, then also is he liable to pay any interest or penalty. pls suggest
28 July 2008
Leave Travel Assistance is allowed exemption to an individual in respect of two journeys performed in a block of four calender years commencing from 1986. For details, go through Rule 2B of Income tax rules.
Regarding Interest, he will have to pay interest u/s 234B and 234C, for default/deferment of advance tax, as the case may be.
Regarding Interest, he will have to pay interest u/s 234B and 234C, for default/deferment of advance tax, as the case may be.
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
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Soyabean hsn code and gst rate
- TAN for Partnership
- Treatment of Pension ?annuity returns on PMVY
- TDS related Query_Liquidated Damages
- Long Term Service award taxability in hands of company
- Free lancer income
- NON- SUBMISSION OF LLP FORM 3
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Form 27Q Correction statement taking too long to update on IT Portal
- ITR selection for salaries and capital gain less than L
- 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
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
