The final date for submission of funding proofs for availing tax deductions for the monetary 12 months (FY) 2023–24 is March 31, 2024. In case your workplace’s human useful resource personnel has requested for them, bear in mind to submit your proofs for Go away Journey Allowance (LTA) tax profit, too, in case you qualify.
The Revenue-Tax (I-T) Act, 1961, provides varied tax exemptions to each public- and private-sector salaried employees. One key exemption is the LTA, designed to cowl journey bills incurred by workers throughout their go away.
“LTA is part of an worker’s wage construction and qualifies for income-tax exemption below Part 10(5). This distinctive characteristic
First Printed: Mar 14 2024 | 1:11 AM IST
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