ysrajeDear Mr. Madhu,
Myself Yogesh Raje working as Asst. Manager-HR in one of the leading pharma company located at Navi Mumbai. I would like to know whether this newly LTA exemption is for every year or we have to give exemption twice in the block of 4 years which is as per earlier act
From India, Mumbai
Madhu.T.KAs there is no mention of the exemption every year, the old provision of block of two years will continue. The present verdict relates only to declaration and taxability of LTA if no travel bill is submitted and it does not cover the applicability of exemption.
I still believe that the verdict relates to taxability of LTA portion of gross earnings of an employee and it has nothing to do with sanctioning of LTA. It says that inorder to decide the tax on LTA, the employer need not collect travel bills. But if LTA is to be passed, proper bills can be claimed from the employee concerned.
From India, Kannur
JAYAPRABBUIs there any company,implemented the SC pronouncement on LTA claim - No proof required for claiming lta.
If that is so,what stand they would have taken with regard to the 2 yrs in block of 4 yrs;
whether thy stick to the existing practice or will pass on the tax benefit to the employees every year?
Pls share if at all if you come across anything in this regard with their communication / justification....
From India, Madras
subs_kbcoIncome Tax Department has nullified the order of the Supreme Court by inserting the requirements for LTA in its Circular No. 8 for the FY 2012-13.
From India, Hyderabad
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