LTC Tax Exemption

Share This Thread
  1. prakashavn

    prakashavn New Member

    I am working in a private company. I have joined in 2004. I have claimed LTC on 25-7-2006, 31-3-2008, 30-9-2010, 31-8-2012. As per my company LTC rule, one basic is allowed per year as LTC so i have claimed everytime two basics as LTC. If i claim two basic amount worth as LTC in September 2014, will it be taxable as per TDS rules?
    Our HR and TAX department deducted TDS saying that i am claiming for the previous year, because in our LTC form there is one column by name "Period of claiming" in which i am mentioned the prevous years. I have taken leaves and travelled in June 2014.

    My question is, as per Income tax rule Tax applicable or exempted is only sees, whether i have claimed twice in the specific LTC block of 4 years or the period for which i am claiming as mentioned for HR purpose. As per IT rule i have claimed exactly as required twice in a block of 4 years.

    Please reply regarding.

Draft saved Draft deleted
Similar Threads Forum Date
Capital gain exemption u/s 54F if purchase registry date and payment date is different Income Tax Aug 12, 2017
Section 54 Exemption Income Tax Jul 28, 2017
Tax Exemption / Deduction from total Income - Medical Expences Income Tax Jul 27, 2017
Interest Exemption for self occupied property, not yet registered but living there Income Tax Jul 19, 2017
exemption /s 54 of the I t Act Income Tax Jun 27, 2017