Finance Buddy

 Employees who get Leave Travel Allowance (LTA) are only excluded from paying taxes on their real out-of-pocket travel expenses, such as air, rail, or bus fares. Only two travels may be excluded from the LTA throughout a period of four calendar years. You can claim LTA benefits for the travel expenses for both you and your family. The amount of the LTA exemption relies on the LTA portion in your CTC. Let’s get comments from various industry experts on how to claim LTA tax exemption under the old tax regime as the current block year is 2022-2025. Mr. Sujit Bangar, Founder, Taxbuddy.com The Indian Income Tax System plays a vital role in the country’s economic growth and development. One of the key components of this system is Leave Travel Allowance (LTA), which provides tax benefits for individuals who undertake domestic travel. In this article, we will delve into the intricacies of LTA and how it impacts taxpayers in India. LTA is a component of an employee’s salary package that al...

Form 16 download, mistake correction before ITR filing for AY 2023-24: The payroll departments of companies have started mailing their employees about the availability of Form 16 for FY 2022-23. It is an important document for Income Tax Return (ITR) filing, containing details of income and tax deductions in the previous financial year. While employees can get Form 16 directly from the payroll departments of their companies, it can also be downloaded from the TRACES website of the Income Tax Department. How to download Fon 16 on the Income Tax TRACES website “To begin the process, simply enter your PAN as the user ID on the TRACES website (www.tdscpc.gov.in). From there, navigate to the download menu and select Form 16. Next, choose the desired financial year for which you wish to acquire Form 16 and click the download button,” says Sujit Bangar, Founder of Taxbuddy.com. Source link:  https://www.financialexpress.com/money/income-tax/how-to-download-form-16-from-income-tax-traces...

Salaried individuals can start filing income tax returns (ITR) for the financial year 2022-23 as most employers must have issued Form 16 by now. Form 16, an essential document, provide details of TDS/TCS for various transactions between the deductor and deductee. It reflects the working of income earned as salary along-with various allowances and deductions. So, is Form 16 sufficient for filing ITR? No, it may not be sufficient to file ITR if individuals have any income from sources other than salary, said Sujit Bangar, Founder at Taxbuddy.com . "For example, an individual may be having income from freelancing, gain from sell of investments like shares, mutual fund units, bonds, property etc," he told CNBC-TV18.com. One of the major misconceptions is that one can’t save tax other than deductions reflected in Form 16. While filing the income tax return, it’s very much needed to do a fresh analysis of tax saving investments and tax expenses incurred during f...