Lta Deduction In Salary -

2018-02-02 · Standard deduction on salary income. Section 16, inter-alia, provides for certain deduction in computing income chargeable under the head “Salaries”. it is proposed to allow a standard deduction upto Rs 40,000/- or the amount of salary received, whichever is less. Hi I am Madhu want to know Full form of LTA and please give me Salary Slip with leave deduction and EPF and ESI aslo By Madhu. LTA is only for travel expenses i.e food, sightseeing, hotel or any other expenses on travel are not eligible for exemption. LTA can be claimed for a maximum 2 children if born on or after 01 st October 1998. In other words, LTA can be claimed for multiple children if they are born before 01-10-1998.

Firstly, Congratulations on your first Job! Tax planning is one of the most important aspects of personal finance. Taxes causes leaks in your salary, they can eat up large chunk of your salary. First salary is what is all takes to set right your. 2019-01-07 · An easy way to save some tax from your salary income, leave travel allowance LTA can be tricky if you overlook the eligibility criteria. LTA, also known as leave travel concession LTC, cannot be claimed every year and you may not be able to claim exemption on the full amount. It is most likely. LTA or Leave Travel Allowance plays an important role in the salary structure of an employee as it helps to save tax. One can claim for the travel tickets and fare in India only. It is to be noted that the expenses incurred for stay and others are not considered in LTA claim.

LTA is part of your salary component. Family includes spouse, children as well as dependent parents, brothers and sisters. In respect of children born on or after 1.10.98, the exemption will be restricted only to two surviving children unless the birth after one child has resulted in multiple births. For example, if LTA granted by employer is Rs 30,000 and actual eligible travel cost incurred by employee is Rs 20,000, exemption is available only to the extent of Rs 20,000 and balance Rs 10,000 would be included in taxable salary income.

While creating the ideal salary structures, there are three things you should keep in mind. It should be tax efficient: This means that it should give employees the opportunity to save as much tax as possible. Salary amounts should be divided into components giving the employee the opportunity to avail as much tax deduction as possible. For most people, the importance of salary slip is only when they apply for a loan or a new credit card. Read more to know what is in your salary slip and the different types of allowances like conveyance allowances and how it benefits you. Standard Deduction from Salary. The standard deduction from Salary of Rs. 40,000 has been introduced in Budget 2018 and is applicable for Financial Year 2018-19. From Financial Year 2019-20 onwards, this standard deduction has been increased to Rs. 50,000 p.a. This deduction is allowed irrespective of the actual expense incurred by the employee.

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