Hi frnds,
pl help me out in this calculation,
Leave travel assistance recd for an individual - Rs. 17000/- P.M
How to calculate Exemption U/s 10 (5) . ? wat amount can be availed max?
5 Replies
praveen
(Chartered Accountant)
(6971 Points)
Replied 09 March 2011
collect the travel bills from the employee and check whether it is the price for the shortest distance.
If you collect the bills then you can claim exemption based on it. If LTA is encashed without performance of journey then it will be completely taxable.
Rekha
(MANAGER - FINANCE & ACCOUNTS)
(1445 Points)
Replied 09 March 2011
A RECENT CIRCULAR TELLS NO NEED TO SUBMIT PROOF OF LTA.
THEN HOW TO CALCULATE?
RAMA KRISHNA
(Sr.Executive - Accts & Preparing for IPCC)
(670 Points)
Replied 09 March 2011
As per my knowledge exemption of LTC only 2 times in block of 4 calendar years, submission of proofs also necessary.
Rekha Ji kindly post such circular.
If am wrong correct me any one.
RAMA KRISHNA
(Sr.Executive - Accts & Preparing for IPCC)
(670 Points)
Replied 09 March 2011
It's clear, Thanq Rekha Ji, today onwards i will not insist our collegues (who r getting LTA.) to submit journey proofs.
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