TMI BlogTax Incentives Exemption for LTC Cash SchemeX X X X Extracts X X X X X X X X Extracts X X X X ..... ed by or due to an employee from his employer or former employer for himself and his family, in connection with his proceeding on leave to any place in India. In view of the situation arising out of outbreak of COVID pandemic, it is proposed to provide tax exemption to cash allowance in lieu of LTC. Hence, it is proposed to insert second proviso in clause 5 of section 10, so as to provide that, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (b) specified expenditure means expenditure incurred by an individual or a member of his family during the specified period on goods or services which are liable to tax at an aggregate rate of twelve per cent or above under various GST laws and goods are purchased or services procured from GST registered vendors/service providers; (c) specified period means the period commencing from 12t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under the proposed amendment would be available only to the extent of exemption admissible under above listed provisions. This amendment will take effect from 1st April, 2021 and will, apply in relation to the assessment year 2021-2022 only. [Clause 5] Full Text : Budget 2021-22 + FINANCE Bill, 2021 - FAQ - Frequently Asked Questions, TMI Short Notes , Experts comment, opi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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