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
Already answered.
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
- Is any professional CA is here please reply
- TDS on Consultancy- Non DTAA
- Reopen of assessment proceeding
- Depreciation of fixed assets- coop housing society in mumbai
- Rental income gst and it purpose
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Management System (IMS)
- EPF FULL & FINAL RULES IN 2026
- Experts need help
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
