An Employee has availed Rs 25,000 as LTA from his company, but hasn't made a travel So the amount is Taxed.
In the next year, he availed Rs 25,000 and performed a travel. He has submitted his bills for 65,000.
His contention is that since previously his LTA has been taxed and not allowed as deduction , he would avail Rs 50,000 in current year.
Is his contention valid?? Can he avail for Rs 50,000.??
Please do suggest:)
1. The contention of the employee that his LTA has been taxed in the previous your is not correct as he did not perform travel.
2. During the current year he can avail tax exemption for Rs 25000/- if other conditions viz., his eligibility, limitation etc., are satisfied
Vakilsearch.com
Chennai
CA Inter
View Details
BANSAL YOGESH AND CO
Gautam Budh Nagar
B.Com
View Details
Jawahar and Associates Chartered Accountants
Hyderabad
CA Inter
View Details
CAclubindia
Pro
Modal body text goes here.
CAclubindia
