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What is LTA? How to claim LTA

Come January, it is time to claim your annual reimbursements such as medical and leave travel allowance (LTA). It cannot be claimed while filing Income Tax Return or ITR. This article talks about How to Claim LTA? How is LTA shown in Form 16 and in ITR? It also gives...

Income Tax for AY 2016-17 or FY 2015-16

This article talks about Income Tax Return for AY 2016-17 or FY 2015-16.  This article talks about Tax slabs for Financial year 2015-16 or Assessment Year 2016-17, gives Overview of Income Tax,Focuses on Income Tax for a Salaried Employee on HRA,LTA , Medical...

Income Tax Proof Submission to the Employer

“Please submit your investment declarations by 15 Dec…” said the mail from Finance Department. During December or January, employers start asking employees to submit documentary proofs of investments and expenses that qualify for tax deduction and...

Tax Exempt Allowances in Salary Schedule S in ITR2

The ITR-2 form for AY 2014-15 requires taxpayers to give a detailed break-up of tax-exempt allowance in schedule S.  Schedule S is for filling the salary income in ITR2. This article explains the changes in filling Schedule S in ITR2 this year. What is Schedule S of...
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