Dear Seniors,
As per IT Act, LTA is exempted 2 times in a block of 4 years. But many employees carry forward LTA and claim two times in 4 yrs block and avail IT exemption for 2 times which is as good as availing exemption for 4 yrs.
Is this the right method?
As per understanding, iam of the view that LTA amount can be claimed by combining 2 yrs together but IT exemption is to be claimed only for 1 yr LTA.
Request to clarify the same?
Thank you
As per IT Act, LTA is exempted 2 times in a block of 4 years. But many employees carry forward LTA and claim two times in 4 yrs block and avail IT exemption for 2 times which is as good as availing exemption for 4 yrs.
Is this the right method?
As per understanding, iam of the view that LTA amount can be claimed by combining 2 yrs together but IT exemption is to be claimed only for 1 yr LTA.
Request to clarify the same?
Thank you