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7th Pay Commission: LTC tax, DA increase, salary hike, arrears clearance


7th Pay Commission: LTC tax, DA increase, salary hike, arrears clearance - Latest updates
The announcement about LTC tax was by made by Union Finance Minister Nirmala Sitharaman in Union Budget 2021.
DNA Web Team
Feb 4, 2021, 12:55 PM IST
In a good news news for lakhs of central government employees, the Centre has said that they need not pay income tax on the amount received against LTC (Leave Travel Concession). The announcement in this regard by made by Union Finance Minister Nirmala Sitharaman in Union Budget 2021.
1. When was exemption given by Centre?
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It may be recalled that this income tax exemption was given by Centre to the central government employees on 12th October 2020 (FY 2020-21) due to COVID-19 pandemic.  ....

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LTC Cash Voucher Scheme notified in Budget 2021


LTC Cash Voucher Scheme notified in Budget 2021
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The benefit of the LTC Cash Voucher scheme is available in the old tax regime. If an individual opts for the new tax regime, then tax benefit under the scheme will not be available. To claim the benefit under the scheme, an individual is required to fulfil certain conditions.
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The Leave Travel Concession (LTC) cash Voucher scheme has been notified by the government in Budget 2021. The scheme was announced by the Finance Minister Nirmala Sitharaman in October 2020 to boost consumer demand and to provide tax benefit to individuals who are unable to claim the usual LTC tax benefit due to covid-related travel restrictions. ....

Nirmala Sitharaman , Leave Travel Concession , Finance Minister Nirmala Sitharaman , விடுங்கள் பயணம் சலுகை ,

Nirmala Sitharaman doubles healthcare spending, imposes new agri cess in Union Budget for FY22


Nirmala Sitharaman doubles healthcare spending, imposes new agri cess in Union Budget for FY22
PTI
New Delhi: Finance Minister Nirmala Sitharaman proposed Monday more than doubling of healthcare spending while imposing a new agri cess on certain imported goods and raising customs duty on items ranging from cotton to electronics in a bid to pull the economy out of the trough. In her Union Budget for the fiscal year beginning April 1, 2021, Nirmala Sitharaman restricted tax-free interest on retirement fund to Rs 2.5 lakh annually but gave tax exemption on Leave Travel Concession (LTC) subject to incurring of specified expenditure.
A new Agriculture Infrastructure and Development Cess will be imposed from Tuesday on customs duty levied on bullion, alcoholic beverages, coal and agri products ranging from apple to lentil. But to reduce the burden on consumer, customs or import duty on these items was cut. ....

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