M O R N I N G P O S T
..Read First, Work Next…
Thought for the day
He who is contented is Rich
Salary Income | Leave Travel Allowance | Tax Benefits
LTA should form part of your Salary Structure
- You actually travel (how to prove? Simple, you have to take leave (I mean official leave, not bunking or taking leave saying that working from home)
- Without you, if your family members travel, you can’t claim LTA benefit; means you have to be part of the trip
- Your actual cost of travel is exempt (which mean you won’t get any tax benefit on your hotel accommodation, food, etc)
- If your spouse, children, dependent parents, siblings travel with you, their travel cost can also be claimed. (but not your in-laws, other relatives and friends)
- You can claim tax exemption twice in a block. The new block starts from 2014 to 2017 (the first block was started in 1986)
- How much to claim? (Simple, produce the proof of travel cost, bill/ticket)
- You have to travel within India (means no international travel for tax benefits)
- Is there any maximum limit? (travel cost or LTA whichever is lower)
- Can husband and wife both claim? (Why not, but not for the same journey, producing same tickets!)
- Carry forward one journey to the next block (if you have not claimed 2 trips in a block, you can claim it in the first year of next block)
Note: How complicated know? There are some more conditions which I have not covered in the above list. All the happiness of travel may get wiped off if you have to learn and avail tax benefits!
Workshops | Seminars | Conversations | Just as you should not be answering your phone during a conversation, you should not send a text message when you are engaged with someone else. If you are with someone who will not stop text messaging during your conversation, feel free to excuse yourself until they have concluded their messaging.
News: An upbeat Rahul Gandhi today rejected the view that the Congress party was an “underdog”
News: Finance Minister P Chidambaram today admitted that Congress was the “underdog” in the upcoming Lok Sabha elections ……
What Underdog means?
An underdog is a group (in this case Congress) who is popularly expected to lose. In the case where an underdog wins, the outcome is an upset. The first recorded uses of the term occurred in the second half of the nineteenth century; its first meaning was “the beaten dog in a fight
The one who expected to win is called the favorite or the Top dog.
On 16th May, 2014, the people of this country will decide who is Underdog, top dog, dog, monkey or mongoose!