The last date for submission of investment proofs for availing tax deductions for the financial year (FY) 2023–24 is March 31, 2024. If your office’s human resource personnel has asked for them, remember to submit your proofs for Leave Travel Allowance (LTA) tax benefit, too, if you qualify.

The Income-Tax (I-T) Act, 1961, offers various tax exemptions to both public- and private-sector salaried workers. One key exemption is the LTA, designed to cover travel expenses incurred by employees during their leave.

 “LTA is a part of an employee’s salary structure and qualifies for income-tax exemption under Section 10(5). This unique feature

First Published: Mar 14 2024 | 1:11 AM IST

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