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LTA DEDUCTION
New income tax regime: Don’t miss out on these 3 key deductions that will reduce your taxable income & help save more taxMany taxpayers mistakenly believe the New Tax Regime offers no deductions. However, salaried employees and pensioners can claim a Rs 75,000...- From Rs 6.8 lakh to Rs 4.5 lakh: Redditor explains how to save Rs 2.3 lakh in income tax in a year legallyA Redditor demonstrated significant income tax savings under the new regime by strategically restructuring their salary with components lik...
- LTA exemption in new tax regime: Can you claim leave travel allowance exemption in new tax regime or is it taxable?LTA exemption in new tax regime: Many salaried employees have a leave travel allowance as part of their CTC. However, due to tax regimes (o...
- Submit LTA proofs before March 31, 2025, to avoid risking tax notice when claiming LTA tax exemption in income tax returnLTA exemption: A salaried employee opting for the old tax regime can claim an exemption for leave travel allowance under Section 10(5) of t...
- Leave Travel Allowance: This is the last date for current LTA blockSalaried employees can claim Leave Travel Allowance (LTA) for travel expenses incurred during leave, covering up to two journeys within a b...
- LTA exemption: Submit tax-saving proofs to employer by March 31 deadline as claiming LTA in ITR is a hassleLTA, usually a component of your salary, covers the expenses of your travel during vacation. The cost incurred for family members who trave...
- Salaried getting income tax notices for deductions of FY21-22 ITR: Watchouts for current ITRSalaried individuals have come under income tax department's scanner for making fake deductions claims in the income tax returns filed last...
- Opting for new tax regime for TDS on salary? Issues you are likely to face while filing ITRThe Budget 2023 has made changes under the income tax laws, that have an impact on how tax will be deducted from the salary income by an em...
- Don't forget to claim your LTA tax exemption this year: Here is howLTA exemption is available for 2 journeys in a block of 4 yrs. While the current block is 2022-25, one can undertake three journeys in the ...
- How to claim LTA from your employerBefore availing of the tax benefit on LTA, there are, however, certain other important conditions attached to it. Read on to know them. Do ...
- How to choose the tax regime for TDS on salary for FY2020-21Individuals should remember that TDS on salary is deducted as per the applicable income tax slab rates whereas TDS on say interest income f...
- Tax optimiser: Desai can cut tax outgo by Rs 66,000 via NPS, perksET Wealth tells readers how they can optimise their tax by rejigging their income and investments.
- From Budget 2020, common man wants income tax cut and incentives to spend: SurveyA recent survey by Local Circles, a community social media platform, found that most people want the government to not just provide a tax c...
- Modi's next big tax reform after GST could be for the salaried classCentre is looking at a mega reform to ease salary structures and give a "generous" standard deduction in the form of tax-free expense.
- Submit proof of travel for claiming tax deduction on LTA: CBDTThe details to be furnished include name, address and PAN of landlord where the aggregate rent paid exceeds Rs 1 lakh, according to a CBDT ...
- 5 things you must know about LTA deductionThe deduction is limited to the extent of actual travel costs incurred by the employee. The total cost of the holidays is not covered, only...
- Claim deductions when you file returns to get a refundEven if you missed the deadline for submitting documents to your employer, you can still claim the deductions for which you are eligible.
- Revisit standard deductionBack in 2009, the Supreme Court had to determine whether a company needs to collect evidence that its employees have utilised their LTA cla...
- LTA to enjoy tax exemption in new regimeThe government may allow the Leave Travel Allowance (LTA) to be exempted from taxation once the Direct Tax Code (DTC) comes into effect.
- ET in the Classroom: Leave Travel AllowanceET brings out a prime on Leave Travel Allowance, which is offered to employees by companies to offset the tax liability.
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