Lta taken in advance

1127 views
User Avatar

Service
39 Points Posted on 19 August 2015

Hii,

If employee has taken LTA in advance, whether it is taxable?

if employee has taken LTA in advance and performed journey & submitted proof in the same year later, is he eligible for exemption?

Whatif he takes LTA in advance and performed journey in next calender year?

Thanks in advance.

0 Reply Share Follow Topic
On 19 August 2015 at 18:51 Report
Replies (2)
User Avatar

STUDENT
71 Points Posted on 19 August 2015
As per my knowledge., 1)Advance is not an income to the employee. It has to repay by the employee or it can be setoff by producing receipts and to pay balance if any to the employer... So,Advance is not an income to be taxable... 2) Aftr settingoff by submiting actual bils it wil be treated as income. LTA is exempt U/S 10(5).
Reply
On 19 August 2015 at 21:42
User Avatar

STUDENT
71 Points Posted on 19 August 2015
Advance given to employees wil not be longterm.. Usualy they r shortterm.. That is to be paid with in a year... Take others opinion also..
Reply
On 19 August 2015 at 21:45

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Sale of shares in indian company by a non resident
  2. Difference in TIS
  3. GSTR-9C Upload Status Error Occured
  4. “Income Tax Implications of Company-Related
  5. Advice needed: Hypothetical case of non-filing of
  6. Demand Raised for Cess Amount Despite Section 89 R
  7. WRONG BILL NO FILED IN GST R1
  8. Addtional trade name for my another firm
  9. Commission / Agency Business without books: REAL E
  10. Difference between AIS and 26AS data.

More recent discussions | Post

Related Topics :

Loading

Latest Job Openings

View all
Company
21 October 2026
CA INTER/ BCOM WITH EXPERIENCE

CA S KUMAR GUPTA & CO

Amritsar

CA Inter

View Details
Company
23 October 2026
Sr. Accountant

SANKARAN & KRISHNAN

New Delhi

B.Com

View Details
Company
ARTICLESHIP 30 September 2026
CA Article Assistant

CA Suraj Garg & Associates

New Delhi

CA Final

View Details
Company
ARTICLESHIP 20 October 2026
CA ARTICLE

AMKN & CO

Noida

CA Inter

View Details
Company
12 October 2026
Chartered Accountant - Internal Audit

HKC | Chartered Accountants & Business Advisors

Ludhiana

CA

View Details
Company
Featured 29 October 2026
Accounts Executive

Synergy Keystone

Chennai

B.Com

View Details
Company
ARTICLESHIP 22 October 2026
Articleship intern

Srinath Manikanta

Hyderabad

CA Inter

View Details
Company
ARTICLESHIP 23 October 2026
Articled Trainee

J Y & CO

Hyderabad

CA Inter

View Details