Stay updated with breaking news from Aalok agrawal. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
ITR Filing for FY23-24: 10 must-do things while filing ITR to avoid income tax notice financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.
Financial Literacy News: Employees opting for the old tax regime should be aware of the various exemptions and deductions that they can claim to reduce their tax. Leave Travel Allowance (LTA) is one such benefit. If it's included in their salary or cost-to-company (CTC), employees can claim it. ....
Financial Literacy News: Salaried individuals typically need to give proof of their expenses and investments to get tax deductions under the Income-tax Act. One common tax exemption available to salaried individuals is the Leave Travel Allowance or LTA. Leave Travel Allowance (LTA), often included in your salary, pays for your vacation travel expenses. It also covers travel costs for family members such as spouses, children (up to two if born on or after October 1, 1998), dependent parents, and dependent siblings. ....
LTA, usually a component of your salary, covers the expenses of your travel during vacation. The cost incurred for family members who travel with an employees is also allowed as exemption. To claim LTA, the employee typically needs to submit documentary evidence of the incurred travel expenditure to the employers within specific deadlines. ....
Any allowance that compensates you for expenses incurred in the course of your employment is exempt from tax under the Income Tax Act. This is irrespective of whether it is for services rendered in India or overseas. But the allowance must be backed by bills or a declaration from the employee that the money was used for the intended purpose. ....