A query regarding LTA Claim by employees. Background: LTA Claim period for calculation of leave is from January to December. Financial Period is from April to March. An employee who completes 1 year, say in September this year, can claim LTA 2 times as per the above conditions: the 1st claim between September and December, and the 2nd claim between January and March. For Income tax purposes, is he exempted for both claims? What are the current rules or practices usually followed...
From India, Ulhasnagar
Acknowledge(0)
Amend(0)
2From India, Ulhasnagar
Acknowledge(0)Amend(0)
In the scenario described, an employee who completes one year of service in September can indeed claim LTA twice based on the specified periods. From September to December, the employee can make the first claim, and from January to March, the second claim is permissible. Regarding income tax exemption, typically, both claims are eligible for exemption if the employee follows the prescribed rules and submits the required documentation. It's essential to adhere to the specific guidelines outlined by the Income Tax Department to ensure compliance and eligibility for tax exemption on LTA claims. For precise details and current rules, it is advisable to refer to the latest tax regulations or consult with a tax expert to navigate any recent updates or changes that may impact LTA claims and tax exemptions.
From India, Gurugram
Acknowledge(0)Amend(0)
From India, Gurugram
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
Income Tax Calculator.xls