Income Tax Exemption under Section 10(5) of Income Tax Act, 1961

Eligible Assessee

An Individual

Nature of Income

Leave travel concession or assistance received from employer or former employer

Amount Exempt

Amount received or actually spent on travel to any place in India as specified in Rule 2B which-ever is lower

Conditions laid down for Tax Exemption

The concession is allowed for the travel of self, spouse and children including wholly or mainly dependent parent, brothers and sisters.
The amount received after the retirement or termination of employment is also allowed subject to other conditions
The limit of amount allowed as deduction (refer Rule 2B)
The exemption under this section is allowed for two journeys made in the block of four years (Block starts from 1986)

How to earn Tax free income? Incomes exempted from tax under Income Tax Act, 1961

Free download of Income Tax Return Filing Official Software

Time Limit for Filing Appeal with Commissioner of Income Tax (CIT) Appeals and Income Tax Appellate Tribunal (ITAT) - Fee for filing Income Tax Appeals

Advance Payment of Income Tax

Tax Deducted at Source (TDS) Rates from Financial Year 2013-14 (Assessment Year 2014-15)

Tax Deducted at Source (TDS) Rates

Income Tax Rates Financial Year 2012-13

Income Tax Rates Financial Year 2013-14

Important Due Dates

Audit requirement for business and profession under section 44 AB of Income Tax Act 1961

Income Tax Exemption under Section 10 of Income Tax Act, 1961

Deductions allowed from Gross Total Income under Chapter VI A of Income Tax Act, 1961

Tax saving schemes and deductions available against investment

How to calculate Value of Perquisites for accommodation provided by the employer to employee: Income Tax Rule 3 (1)

How to calculate Value of Perquisites by way of use of motor vehicle by an employee provided by the employer to employee: Income Tax Rule 3(2)(A)

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