Hi Arun Could you please refer any reference no. of the Supreme Court for case relating to Larsen & Toubro and ITI regarding LTA proof of Travel.
From India, Madras
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3From India, Madras
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Thank you, Harsha.
As I understand, the question was "Up to what limit is Leave Travel Allowance exempt from Income Tax?" The answer is the actual expenses paid by a person on travel tickets and fulfilling other criteria and eligibility.
There is no limitation on the amount a company can pay its employee under Leave Travel Concession. However, the amount paid to a person exceeding the actual expenses is taxable in the hands of that person.
From India, Mumbai
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As I understand, the question was "Up to what limit is Leave Travel Allowance exempt from Income Tax?" The answer is the actual expenses paid by a person on travel tickets and fulfilling other criteria and eligibility.
There is no limitation on the amount a company can pay its employee under Leave Travel Concession. However, the amount paid to a person exceeding the actual expenses is taxable in the hands of that person.
From India, Mumbai
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Dear Sir, For LTA and PF deductions - No limit is fixed because in IT there is a total savings limit. D.Gurumurthy LL.HR.IR Consultant, Hyderabad.
From India, Hyderabad
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From India, Hyderabad
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Please see the following link: Employer has to rely on employees, if he wants to employ people and run the business - this is equally applicable for TDS matters - employer can rely on declarations of employees about reimbursements. This link contains details of the L&T case.
Thanks,
Arun Talwar
From India, Delhi
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Thanks,
Arun Talwar
From India, Delhi
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EPS - Wage Limit increase_01.09. 2014.pdf
SC Judgment-No obligation to excess contribution than Statutory Limit.docx