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Q.

My Gross Total Income for the F.Y. 2008-09 as -80,193 Rs my co. will pay me the below two amounts along with the March salary :- (1) Retention Bonus for my US stay (2) LTA Lets suppose (1) + (2) = 2,00,000 Rs. My questions: Q1 - When my Gross salary is -80,193 Rs, and I can also avail the (Women )tax rebate of 1,80,000 Rs . Am I safe and will NOT have to pay any tax for the FY 2008-09 after receiving the above amt? Q2 I can submit my LTA claim for the LTA amt later between April-Dec, 09. But is there any need to do so as my salary is less than the tax range? Pls answer. Thx

Asked by anjali yadav, 26 Mar '09 12:48 pm
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Answers (2)

1.

Better consult a CA
Answered by RSehgal, 26 Mar '09 01:29 pm

 
  
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2.

Retention Bonus is taxable; LTA is nontaxable 2 times in a block of 4 years but you have to declare the actual journey tok place subject to specified limit. However a deduction of Rs 100000 is allowable provided you made the investment in specified areas.
Answered by manoj mukherjee, 26 Mar '09 01:22 pm

 
  
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