Leave travel allowance- urgent!!
This query is : Resolved
23 November 2007
Please clarify whether Taxi travel bills can be accepted for LTA Tax exemptioN
23 November 2007
If you call for leave travel allowance then its an allowance which is part of your salary. Rs.800 per month is the exemption limit.
As regards re-imbursement of expenses, the said expenses are exempt from tax if the same is availed exclusively for official purpose
As regards re-imbursement of expenses, the said expenses are exempt from tax if the same is availed exclusively for official purpose
23 November 2007
Yes, subject to limits prescribed as tabled at Para 15.7.1 of 30th edition of Singhania's Direct Taxes Ready Reckoner.
These limits refer to fares charged by rail and public transport
These limits refer to fares charged by rail and public transport
23 November 2007
I believe the tax exemption under Section 10(5) is available subject to satisfying the conditions in the Section and to the limits specified therein. The limits in the Section are only the maximum limits and bear a reference to a public transport, rail transport or air economy fare by the national carrier. This does not mean that the travel will have to be performed only by these modes. The travel can be performed by any mode but the exemption will be restricted to the limits in the Section. Am i correct?
23 November 2007
I agree with Mr Pankaj's Observations posted at 10.34.34 am on 11/23/07
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