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Section 10(5). Leave Travel Concession
1. It is given for travelling to any place in India.
2. Where journey is performed by air: Air economy fare of the national carrier by the shortest route to the place of destination shall be exempt.
3. Where journey is performed by rail: Air-conditioned first class rail fare by the shortest route to the place of destination shall be exempt.
4. No connection by rail: 1st class or deluxe class fare of recognised public transport system shall be exempt.
5. No recognised public transport system exists: Air-conditioned first class rail fare of the shortest route shall be exempt.
6. Only two journeys in a block of 4 years is exempt :
7. The block of 2006-09 starts from 1-1-2006 and ends on 31-12-2009.
8. Only one carry over is allowed that to only for first calendar year.
E.g. Suppose only 1 journey is performed in Block 1998-2001, though the assessee is eligible for two journey. The one journey not availed by him can be carried forward for only 1 calendar year after the expiry of the block 1998-2001.i. e. unavailed journey should be availed in the calendar year 2002, otherwise carry forward exemption shall be lost.
6. Family means the spouse, children and dependents parents, brothers and sisters. Restriction on number of children.
a. born on or before 30-9-1998. Any number of children
b. born on or after 1-10-1998. Maximum two surviving children.
Note: However, children born out of multiple birth, after the first child shall be treated as one child only.
The document Leave Travel Concession - Taxation | Income Tax for assessment (Inter Level) is a part of the Taxation Course Income Tax for assessment (Inter Level).
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FAQs on Leave Travel Concession - Taxation - Income Tax for assessment (Inter Level)
| 1. What is Leave Travel Concession (LTC)? |  |
Ans. Leave Travel Concession (LTC) is a tax exemption scheme provided by the Indian government, which allows employees to claim tax benefits on their travel expenses incurred during leave periods.
| 2. Who is eligible to avail of Leave Travel Concession? | |
Ans. All employees in India, whether from the public or private sector, are eligible to avail of Leave Travel Concession. However, the specific eligibility criteria and rules may vary depending on the employer and the terms of employment.
| 3. Can I claim tax benefits for travel expenses of my family members under LTC? | |
Ans. Yes, you can claim tax benefits for travel expenses incurred by your family members under Leave Travel Concession. However, there are certain conditions and restrictions set by the employer and the Income Tax Department, such as the definition of family members and the mode of travel.
| 4. How many times can I claim Leave Travel Concession in a block of four years? | |
Ans. Under the current rules, an employee can claim Leave Travel Concession twice in a block of four years. However, it is important to note that the block of four years is predefined and may differ depending on the employer or organization.
| 5. What documents are required to claim tax benefits under Leave Travel Concession? | |
Ans. To claim tax benefits under Leave Travel Concession, you will typically need to provide documents such as travel tickets, boarding passes, travel itineraries, and proof of expenditure. It is important to maintain proper documentation and adhere to the guidelines set by your employer and the Income Tax Department.
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Dec 20, 2024 Last updated |
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