Ltc -for income tax calculation
This query is : Resolved
13 February 2024
Is ltc encashment taxable ?
Is ltc allowance taxable ?
Is ltc reimbursement taxable ?
Is ltc allowance taxable ?
Is ltc reimbursement taxable ?
13 February 2024
LTC encashment taxable.
LTC allowance taxable.
LTC reimbursement not taxable once in 4 years.
LTC allowance taxable.
LTC reimbursement not taxable once in 4 years.
13 February 2024
Thank you sir
Plz clarify the taxability of ltc reimbursement in case of the following illustration
Block 2020-21
Amount claimed and reimbursed as LTC-30000
Plz clarify the taxability of ltc reimbursement in case of the following illustration
Block 2020-21
Amount claimed and reimbursed as LTC-30000
13 February 2024
In a block of 4 years one home town reimbursement and one all India tour reimbursement is allowed.
Under the new tax regime, LTC/LTA is taxable for employees even if you produce journey tickets. So, if you want to claim LTC/LTA exemption, you will need to choose the old tax regime. If you choose the new tax regime, you will not be able to claim LTC exemption, even if you produce journey tickets.
Under the new tax regime, LTC/LTA is taxable for employees even if you produce journey tickets. So, if you want to claim LTC/LTA exemption, you will need to choose the old tax regime. If you choose the new tax regime, you will not be able to claim LTC exemption, even if you produce journey tickets.
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