Tuesday, February 2, 2021

Direct tax proposal focuses on providing certainty to the taxpayers, improving effectiveness of tax

It is proposed to grant cash allowance to the employees equivalent to their LTC component by permitting them to incur expenditure on purchase of goods or services which are liable for 12% or more GST rate. Such specified expenditure shall be reckoned against their LTC entitlement and shall not exceed INR 36000 per person or 1/3 of specified expenditure, whichever is less.

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