Tax Incentives Exemption for LTC Cash Scheme

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..... 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, for the asses .....

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..... 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 12th day of October, 2 .....

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