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Deep Dive Into Cryptocurrency. ET Markets Conclave — Cryptocurrency. Reshape Tomorrow Tomorrow is different. Let's reshape it today. Corning Gorilla Glass TougherTogether. ET India Inc. ET Engage. ET Secure IT. Tax How to file ITR. Tax Saving. ITR Forms. Income Tax Refund. Tax Exemption Limit. Income Tax Slabs. The Leave Travel Allowance calculation is as under:. LTA Exemption is available for travel allowance given by the employer to the employee or his family. The exemption is claimed for two journeys in a block of four years.
Presently, the block of is going on. Income Tax Department makes these blocks. The exemption if remains unclaimed can be carried forward to next year. The memorandum to the Budget includes details on how this scheme shall be available. Note that only those employees who receive LTA as part of their salary package can avail of this scheme.
Also, note that if you have opted for the new tax regime, you will not be eligible for this scheme. This amount must be proportionately reduced if less money is spent. If Rs 3,00, is spent, the entire Rs 1,00, shall be tax free. This means you will be able to save Rs 30, in taxes by spending Rs 3lakhs. Therefore, this is not a very attractive scheme.
If you have been intending to purchase one of the above goods and services, this tax benefit will help you. Please note that LTA rules for claiming the above have been notified in Budget
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