Tag: Leave Travel Concession
CBDT prescribes limit & condition for exemption u/s 10(5) of value received by employee in lieu of Travel Concession. Limit fixed as Rs. 36000/- or one-third of expenditure, whichever is less MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 50/2021 New Delhi, the 5th May, …
Non-Central Government Employees also can now avail the benefit of income tax exemption on payment of cash equivalent of LTC fare, along the lines of the benefit made available to the Government Employees. Income-tax Exemption for payment of deemed LTC fare for non-Central Government employees Ministry of Finance …
FAQ on LTC Cash Voucher Scheme. Clarification on Special cash package in lieu of Leave Travel Concession during Block 2018-21. No. 12(2)/2020-E.II(A)Government of IndiaMinistry of FinanceDepartment of Expenditure North Block, New DelhiDated 20th October, 2020 OFFICE MEMORANDUM Subject: Clarification regarding queries being received in respect of Special cash …
Misinterpretation of LTC voucher scheme benefits – Statement of Ministry of Finance Ministry of FinancePress Release 13 OCT 2020 A report has appeared in the Economic Times Markets (ETMarkets.com) which gives the impression that the LTC voucher scheme for Government employees may not be attractive. Unfortunately, the piece …
Concealment penalty for not offering LFC/LTC reimbursement to tax under bonafide belief that it was exempt as the employer did not deduct tax at source, deleted ABCAUS Case Law Citation: ABCAUS 2637 (2018) (11) ITAT The appeal was preferred by the assessee against the order of the Commissioner …
Employees LTC LFC claims for foreign travel not exempt u/s 10(5). Employer rightly treated assessee in default u/s 201(1) and u/s 201(1A) for non deduction of TDS – ITAT ABCAUS Case Law Citation:ABCAUS 1206 (2017) (04) ITAT The Grievance:The assessee was aggrieved by order passed by the CIT(A) …
