No Marginal Relief for Tax Payer | Budget 2019

In the Budget 2019 there has been no changes in the income tax slab but  Section 87A of the Income Tax Act, 1961 has been in limelight since the announcement of the interim Budget 2019-20 in which individuals earning a net taxable income upto Rs.5 lakh have been given full tax rebate. However, going by the proposed budget changes, there is disconnect regarding the marginal relief for small taxpayers.

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Tax Exemptions

Leave Travel Allowance (LTA / LTC)

Leave Travel Allowance (LTA) is a type of allowance which is given to an employee from his employer to cover his travel expenses when he is on leave from work. Sometimes it is also known as Leave Travel Concession (LTC). LTA is exempt from tax u/s 10(5) of Income Tax Act, 1961. ...Read More

Tax Exemptions