Wednesday, May 31, 2023

The benefit of LTA will be available only if you travel within the country, Supreme Court rejects SBI’s appeal

Leave Travel Allowance: State Bank of India, the largest bank in the nation, had appealed, but the Supreme Court rejected it in a significant judgment. With Leave Travel Allowance, you can use it to travel only in India. The Supreme Court’s Division Bench, presided over by Chief Justice Uday Umesh Lalil, has ruled that international travel will not be eligible for the LTA benefit.

Rejecting SBI’s appeal, the
The Supreme Court in its judgment held that TDS is required to be levied on foreign travel by employees of State Bank of India (SBI) as the employees get LTC for traveling within the country.

The facility will not be available on foreign travel, the 
SBI’s appeal was dismissed by the High Court. SBI filed an appeal with the Supreme Court challenging the Delhi High Court’s ruling. Because they had travelled abroad, the Supreme Court ruled that SBI workers could not be exempt from paying taxes on the money they received through LTA claims.

Justices S. Ravindra Bhatt, Sudhanshu Dahiya, and Chief Justice UU Lalit of the Supreme Court ruled that any employee traveling between two locations within the country gets the benefit of tax exemption. Received. The Supreme Court ruled that if employees travel abroad, or outside of the country. As a result, they will not be eligible for LTA under section 10(5) of the Income Tax Act.

Read More: Provident Fund Interest Will the employees have to bear the loss on the interest of PF?

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