ITR -- purpose..? small doubt friends
leave travel allowance is any limit for exemption? can I avail.
and
Leave encashment also exempt...full amount ? can I avail , He was not leave the company... but company was giving leave encashment..to him. is it exempt Ha.
if he both deducation from gross salary.. any problem... friends
awaiting for your reply
thank a lot friends,
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leave travel allowance & Leave encashment
Replies (1)
A). LTA
Exemption is available only on the actual travel costs incurred by the employee. No expenses such as local conveyance, sightseeing, hotel accommodation, food etc are eligible for exemption. Exemption is also limited to LTA provided by the employer.
B).Leave encash
It is taxable if received while in service. Leave encashment received at the time of retirement is exempt in the hands of the Government employee.In the hands of non-Government employee leave encashment will be exempt subject to the limit prescribed in this behalf under the Income-tax Law.
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