LTA FULL FORM IN SALARY
Form 16 due date: When will you get TDS certificate from your employer?
Last date to get Form 16: Salaried individuals need Form 16 to make the ITR filing process easier for them. It is a TDS certificate showing all the taxes deducted during the financial year as well as total income paid by an employer during the financial year. Read on to know the deadline for employer to issue Form 16.
Central govt employees, private employees can't claim LTA if they don't follow these rules; LTA eligibility, other latest updates
LTA for central govt employees: Employers offer Leave Travel Allowance (LTA) to offset travel expenses during leave. It covers airfare, train tickets, or public transport, but reimbursement is capped by employer or tax limits. Confusions arise, especially with air travel. Here's a breakdown: Can you claim LTA with a confirmed flight ticket? Does the booking platform matter? Is family included? What documents are required for flight-based LTA claims?
Shareholder nod for Swiggy’s $1.25 billion IPO; Koo halts salaries
Online food delivery major Swiggy has received shareholder approval to go public. This and more in today’s ETtech Top 5.
How to claim LTA: Eligibility, LTA rules, documents you need to submit, how much amount you can claim and more
Leave Travel Allowance or LTA, a component in your salary, helps offset travel expenses incurred during your vacation. The benefit extends to family – covering travel costs for your spouse and dependent children, and family members. To claim LTA, you need to submit documented proof of travel costs to your employer within the stipulated deadlines. Who can claim LTA? What are the documents that you need to submit? What are the conditions you need to keep in mind while claiming LTA? All questions answered.
How to switch from new tax regime to old tax regime
Change income tax regime: At the start of the financial year, an individual is required to select one tax regime - old or new- for deducting of taxes on salary by employer. However, it may happen that an individual wants to switch the tax regime from what was opted in the start of the financial year. The income tax laws allow such change. Here is how to go about it.
LTA exemption: Submit tax-saving proofs to employer by March 31 deadline as claiming LTA in ITR is a hassle
LTA, usually a component of your salary, covers the expenses of your travel during vacation. The cost incurred for family members who travel with an employees is also allowed as exemption. To claim LTA, the employee typically needs to submit documentary evidence of the incurred travel expenditure to the employers within specific deadlines.
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TDS on salary is not at fixed rate; know how tax is calculated and deducted by employer
TDS on salary: Before paying a salary every employer will deduct tax deducted at source (TDS) and then pay a salary to their employees. However the rate of deduction of TDS is not fixed and it is determined by calculating the average rate of tax of the employee. Read here to know exactly how the calculation for TDS is done.
Tax-saving ideas: How to restructure your salary to reduce income tax outgo by more than Rs 1 lakh
Taxpayers can reduce their tax significantly by reformatting their salary. If companies restructure their compensation packages by replacing taxable emoluments with some tax-free perks, they can lower the tax liability of their employees. There are several such tax-exempt allowances, including food coupons and reimbursement of expenses on fuel and travel, newspapers and periodicals, phone and Internet. The taxable portions of the salary, such as the special allowance, can be reduced to make place for the tax-exempt allowance. Find out how to go about it.
Can you still use Paytm Payments Bank wallet to make payments after March 15?
Latest news for Paytm users: Paytm and PPBL have mutually agreed to discontinue various inter-company agreements, according to a notification on the stock exchanges dated March 1, 2024.
Vistara, Air India pilots to have uniform pay structure
The pilots of Vistara will get a fixed salary for 40 hours instead of the current 70 hours. They will get paid for extra flying hours and will also earn an additional amount as a reward based on the years of service with the airline, according to a memo sent to pilots and reviewed by ET.
11 ways of tax savings for salaried individuals for FY 2023-24
11 tax deductions for salaried individuals: If you want to save tax for FY 2023-24 then there is still time. Given below is a list of 11 tax deductions which you can claim upon fulfilling certain investment or other criterias. These tax deductions can help you lower your total income and thus reduce your tax outgo.
What is the right salary structure to save income tax? Five flexi benefits can help in big income tax savings
One thing which most of the salaried employees often ignore is having a salary structure that rewards you with maximum tax saving based on your spending preferences. A new salary hike or revision is an opportunity for you to ensure that it is structured in a way that helps you in minimising your income tax outgo. We tell you how you can ensure that your salary is tax efficient.
TDS on salary: How to avoid higher income tax under new, old tax regime
With the start of the new year, employers send an email to their employees asking to submit the proofs for investment declaration made during the financial year. This is done to avoid higher tax deducted from salary income. Read on to know the proof you must submit to avoid higher taxes under new and old tax regimes.
ITR-1,4 for income tax return filing FY2023-24 notified by CBDT; last date to file July 31, 2024
The Central Board of Direct Taxes (CBDT) has notified the income tax return forms for current financial year i.e. FY 2023-24 (AY 2024-25). The ITR forms have been issued more than three months before the current financial year ends. The last date to file ITR for FY 2023-24 is July 31, 2024.
Who is the highest-paid NHL player, when will salary cap go up? Know players with highest salary
When the NHL salary cap goes up next season, most of the players will get better salaries. What for now? Know 10 highest-paid players at present.
How to file ITR-2 online with salary, capital gains and other incomes for FY 2022-23
Read below to find out how income tax return form ITR-2 can be filed online for people with salary, capital gains and other income for FY 2022-23 (AY 2023-24). This form ITR-2 can also be filed using the income tax department's Excel or Java utilities. The e-filing website also allows individual to file ITR-2 completely online
ITR filing deadline of July 31 should be extended: Why 45 days is not enough to file income tax return
The last date to file income tax return (whose books of accounts are not required to be audited) is July 31 every year. However, there are few compelling reasons to extend this date permanently. Read on to know why there is a need to extend ITR filing deadline permanently from July 31.
Salaried getting income tax notices for deductions of FY21-22 ITR: Watchouts for current ITR
Salaried individuals have come under income tax department's scanner for making fake deductions claims in the income tax returns filed last year i.e., for FY 2021-22 (AY 2022-23). Hence if you are filing income tax return now, then you must not make certain mistakes to avoid getting income tax notices.
Use your salary perks and NPS to reduce tax by 52%
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their income and investments.
Use NPS, salary perks to reduce tax outgo to zero; here's how
Sudhir Kaushik of Taxspanner.com tells readers how they can optimise their tax by rejigging their income and investments.
How to file income tax return with two or more Form 16s
Form 16 is a basic document required to file the income tax return by salaried individuals. It may happen that individuals have switched jobs during the financial year. In such a scenario, an individual will require Form 16 from both employers to start the process of filing ITR. Form 16 is a TDS certificate containing details of the salary paid to an employee during the financial and taxes deducted on it.
How to rejig your salary perks to save Rs 75,000 in tax
Sudhir Kaushik of Taxspanner.com tells readers how they can optimise their tax by rejigging their income and investments.
New vs old tax regime: How to choose income tax regime for TDS on salary for FY 2023-24
In the month of April, a salaried employee is required to communicate about the preferred tax regime option to their employers. As Budget 2023, has announced many changes under the income tax laws. This makes it important for salaried employees to analyse both the income tax regime and then communicate the same to the employer.
Opting for new tax regime for TDS on salary? Issues you are likely to face while filing ITR
The Budget 2023 has made changes under the income tax laws, that have an impact on how tax will be deducted from the salary income by an employer. From April 1, 2023, the new tax regime has become a default tax regime. Thus, if no tax regime is communicated, then employer will cut tax on the basis of new tax regime.
Nirmala Sitharaman Budget 2023 Speech: Here is the full text
This Budget hopes to build on the foundation laid in the previous Budget, and the blueprint drawn for India@100. We envision a prosperous and inclusive India, in which the fruits of development reach all regions and citizens, especially our youth, women, farmers, OBCs, Scheduled Castes and Scheduled Tribes, FM said.
Tax payments to rent to school fees: Soon you can use Bharat Bill Pay (BBPS) for all payments
In a bid to make lives easier for thousands of people, the Reserve Bank of India (RBI) has expanded the scope of the Bharat Bill Payment System to include all categories of payments and collection, both recurring and non-recurring
Maximum period of leave for govt employees, leave encashment, childcare leave: Govt answers 19 FAQs
The government has published Frequently Asked Questions (FAQs) on leave policies and entitlements. This replaces the CCS (Leave) Rules of 1972 FAQs, which were previously published on the DOPT website on March 25, 2013, and April 28, 2015, respectively.
ITR forms for FY 2021-22 notified, no major changes in income tax return forms
The income tax return forms notified by the CBDT for FY 2021-22 have been kept unchanged. The individuals are required to provide information related to income received form various sources such as salary, rent etc. in the ITR forms, as applicable, for the FY ended on March 31, 2022.
Budget 2022 should extend LTA cash voucher scheme due to continuing COVID-19
The resurgence in Covid cases in FY 2021-22 further hampered travel within the country. Further, the recent surge due to the Omicron variant has put travel on hold again which may continue in FY 2022-23 as well. Hence, the extension of the scheme for two more years, i.e., up to March 31, 2023 in the upcoming Union Budget 2022 would be a welcome move.
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