Leave travel concession is given to Mr. Krishna, his wife and three children (one daughter aged 5 and twin sons aged 2). Cost of air tickets (Economy class) reimbursed by the employer ₹10,000 for adults and lump sum of ₹

CS Executive · Tax Laws and Practice · PYQS · December 2021
Leave travel concession is given to Mr. Krishna, his wife and three children (one daughter aged 5 and twin sons aged 2). Cost of air tickets (Economy class) reimbursed by the employer ₹10,000 for adults and lump sum of ₹15,000 for three children for the financial year 2020-21. Mr. Krishna is eligible for exemption this year to the extent permissible under the Income Tax Act, 1961. You are required to calculate taxable perquisite for the assessment year 2021-22:
(A) Nil
(B) ₹10,000
(C) ₹15,000
(D) ₹25,000

Answer & Explanation:

Correct Answer: Option (A)

Official answer key: (A).

Topics: Income Tax Act, 1961

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