Indian Military Veterans
Read more on: Income Tax Exemption Limit, INCOME TAX
Incomes not included under the Head Salaries (Exemptions) - Income Tax on Salaries Circular 17/2014
5.3 INCOMES NOT INCLUDED UNDER THE HEAD "SALARIES" (EXEMPTIONS)
Any income falling within any of the following clauses shall not be included in computing the income from salaries for the purpose of section 192 of the Act :-
5.3.1 Leave Travel Concession (LTC): The value of any travel concession or assistance received by or due to an employee from his employer or former employer for himself and his family, in connection with his proceeding (a) on leave to any place in India or (b) after retirement from service, or, after termination of service to any place in India is exempt under Section 10(5) subject, however, to the conditions prescribed in Rule 2B of the Rules.
The following are the important points, to be taken into consideration:
o Number of Trips – The exemption shall be available in respect of 2 journeys performed in the block of 4 calendar years.
• Without performing any journey and incurring expenses thereon, no exemption can be claimed.
• The quantum of exemption will be subject to the following maximum limits for journeys performed on or after 01.10.1997:
Any income falling within any of the following clauses shall not be included in computing the income from salaries for the purpose of section 192 of the Act :-
5.3.1 Leave Travel Concession (LTC): The value of any travel concession or assistance received by or due to an employee from his employer or former employer for himself and his family, in connection with his proceeding (a) on leave to any place in India or (b) after retirement from service, or, after termination of service to any place in India is exempt under Section 10(5) subject, however, to the conditions prescribed in Rule 2B of the Rules.
The following are the important points, to be taken into consideration:
o Number of Trips – The exemption shall be available in respect of 2 journeys performed in the block of 4 calendar years.
• Without performing any journey and incurring expenses thereon, no exemption can be claimed.
• The quantum of exemption will be subject to the following maximum limits for journeys performed on or after 01.10.1997:
Exp:55%
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