Hi
I am working as HR administrator. Now company wants to add 'Leave Travell Allowance' component in CTC for employee. Please guide.
Menu
Leave travel allowance query
Replies (1)
Different types of allowance are given to employees such as house rent allowance (HRA), leave travel allowance (LTA), dearness allowance, convince allowance, city compensation allowance and children's education allowance which become part of CTC.
However, LTA is tax free;Section 10(5) read with Rule 2B provides for exemption and outlines the conditions subject to which LTA is exempt.
LTA is exempt for travel only in India, in respect of two children only, deduction allowed only upto the actual expenditure, and in respect of two journeys carried in the block of 4 yrs; currently the block is from 2014-2017.
Recent Threads
- Planning of Ceased a Business i.e Closure of Compa
- Property value in 26QB
- Form 26QB Multiple Buyer/Multiple seller
- Company Formation for clothing business
- TDS on purchase 194Q
- Compensation for urban land acquisition
- Understanding section 269st
- CASH AS GIFT OR FD AS GIFT
- NPS Pre Maturity full exit taxation rules
- Planning to ceased a Business
Related Threads
CAclubindia
