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LTA TAX BREAK
Lower tax on higher income in new tax regime from April 1: How your salary structure will decide if you get a big tax savingsThe new tax regime will have new income tax slabs from FY 2025-26. Many salaried employees hesitated to switch to the new tax regime as the...- Will Budget 2025 give any income tax relief under old tax regime?In 2020, the finance minister unveiled the new tax regime, which offered taxpayers the option to pay lower tax but forego most deductions a...
- 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...
- How to file income tax return with two or more Form 16sForm 16 is a basic document required to file the income tax return by salaried individuals. It may happen that individuals have switched jo...
- Old vs new tax regime: Who should opt for which income tax regime now?Here is an analysis showing the maximum deductions a salaried individual needs to claim in the old tax regime so that the income tax payabl...
- 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 ...
- New income tax regime: Will ELSS mutual funds lose their charm?Financial advisors say most new taxpayers are likely to opt for the new regime as it allows them to pay taxes easily, without elaborate tax...
- 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 ...
- Tax deductions, exemptions not available in new tax regimeHere is the list if tax deductions and exemptions that one cannot claim if he/she opts for new tax regime for a particular financial year.
- Forgot to submit tax-saving proofs to your employer? You can still claim the benefit for theseAt times a taxpayer may forget to show the entire amount of the qualifying amount for deductions to the employer. There's still a way out.
- Should you opt for the LTC cash voucher scheme? Here's how much tax you will saveHere is a look at how much you stand to gain by opting for the LTC cash voucher. This story will tell you about the rules of availing the L...
- New tax regime doesn't allow LTC cash voucher tax benefit: ExpertsAs per existing income tax law, an employee can claim tax-exempt payment of LTA/LTC (if provided by employer) equal to the fare of domestic...
- How the old tax regime serves the double benefit of tax-saving and financial well-beingIt is universally accepted that tax breaks on investments nudge people to save more. The new tax regime has taken away the incentive to sav...
- Tax-saving guide for FY 2019-20In our hurry to complete the tax-saving exercise before the end of the financial year, we end up making expensive mistakes. Here is a handy...
- Basic exemption limit might be raised to Rs 3,00,000 in Budget 2017: Kuldip Kumar, PwC IndiaKuldip Kumar, partner and leader, personal tax, PwC India speaks about what individual tax payers can expect from Budget 2017.
- Switched jobs? Make sure you file your return rightCompiling numbers from the two Form 16s is not enough. You will have to dig deeper. ET Wealth tells you how.
- How to make the most of your Leave Travel AllowanceHolidays can mean heavy expenses. However, if you are a salaried individual, you can use the same vacation to save a decent amount on tax o...
- Filing tax returns? Ways to avoid errors or invite a tax noticeThe tax authorities are seeking more information about your income and expenses in the new forms introduced this year.
- Query corner: TaxOur expert helps you Understand the Complexities of Tax In This Weekly Column.
- Answers from the expertsThe LTA is exempt from tax twice in a block of four calendar years (January-December , currently the block is 2006-2009 ) based on the actu...
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