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New Delhi, Feb 04: In some good news relating to the 7th Pay Commission, the salaried class including the Central Government employees need not pay income tax on the amount received against LTC or Leave Travel Concession.
In her budget speech, finance minister, Nirmala Sitharaman made the announcement. The Centre had given the T exemption to CG employees on October 12 2020 in the wake of the COVID-19 pandemic.
Since the pandemic is still on, the Centre extended the IT relief for all salaried taxpayers for the four year cycle of 2018-21.
Sitharaman said, in order to provide relief to employees, it is proposed to provide tax exemption to the amount given to an employee in lieu of LTC subject to…
