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Lta taken in advance

TDS 978 views 2 replies

Nitesh Painter

Service

78 Points Joined February 2011

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.

Replies (2)

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).