Books and PeriodicalsĮmployees incur expenses on books, newspapers, periodicals, journals and so on. The income tax law allows an employee to claim a tax-free reimbursement of expenses incurred.Īn employee can claim reimbursement of the actual bill amount paid or the amount provided in the salary package, whichever is lower. Read more about how to claim LTA Mobile reimbursementĪ taxpayer may incur expenses on mobile and telephone used at residence. The mode of such travel must be either railway, air travel, or public transport.LTA only covers domestic travel and not the cost of international travel.Below are the restrictions which are applicable to LTA: In case an individual doesn’t use this exemption within a block, he/she could carry the same to the next block. You can claim LTA twice in a block of four years. Please note that the exemption doesn’t include costs incurred for the entire trip such as shopping, food expenses, entertainment and leisure among others. The income tax law also provides for an LTA exemption to salaried employees, restricted to travel expenses incurred during leaves by them. As per Budget 2023, salaried taxpayers are now eligible for a standard deduction of Rs.50,000 under the new tax regime also from the financial year 2023-24.
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