LTA travel period v/s exception submission period

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LTA travel period v/s exception submission period

Hello, I took up a family trip last year Feb2017. This financial year 2017-18, i am using those travel bills for tax exception. But, My employer is arguing that i should have claimed it in Financial year 2016-17 and not now that is 2017-18. Can anyone explain what does rule say in regard to bill submission for exception? if some one has link for rule book, pls share with me for reference. thank you.

Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 10 months, 4 weeks ago
  • Anonymous

    Hello, I took up a family trip last year Feb2017. This financial year 2017-18, i am using those travel bills for tax exception. But, My employer is arguing that i should have claimed it in Financial year 2016-17 and not now that is 2017-18. Can anyone explain what does rule say in regard to bill submission for exception? if some one has link for rule book, pls share with me for reference. thank you.

  • Profile photo of Chetan ChandakChetan Chandak
    Moderator

    LTA is allowed for for the block of calender year but the tax exemptions are calculated based on financial year. Employer may not allow it depending on the company policy. But you can try claiming it while filing your tax return.

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