LTC Tax Exemption

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  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.

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