Thank you for the acceptance and love you showed for our first greytHR Community first LIVE community discussion time with Experts. Much Appreciated !
We are back with the next session. An exclusive 30 minutes of LIVE discussion thread with Community’s domain Experts on the topic :
‘ Proof of Investment Submission; Everything you must know! ’ from 3:30PM to 4:00PM on 10th February 2022 .
Let’s together make the 30 minutes most effective with a lot of questions for the HR domain specialists. Many of our community’s experts here will be present to answer your questions during the session.
Requesting members to post your doubts/queries related to Proof of Investment Submission as comments in this post and get them all answered by the Industry Experts on 10th February 2022. Post all your your doubts/queries for the Experts in this thread.
For Medical Health Checkup or Medical Insurance for parents, Do employees need to provide Bank Statemnt or Credit Card statement from which the payment is done?
A warm welcome to our second edition of 30 minutes with the Experts- Community Discussion LIVE session.
A unique experience where its knowledge sharing in the easiest readable form. 30 minutes of Q&A; where our experts will advise on many avenues of the Proof of Investment topic.
Our today’s esteemed guest Experts are Mr. Anurag Jain & Mr Dilip Thakkar. Both are well known names in the Human Resource industry. Their oration skills and knowledge in the domain are well accepted and is the most sought out for.
We are fortunate that both our experts are part of the community already. You can connect with them even after the session and post questions. They will be able to respond/suggest you as per their convenience.
A quick intro here about our today’s experts.
Mr. Dilip Thakkar is one of the most recognisable faces in the HR domain with over 40 years of work experience in Corporate Sector. He dedicated 35 years with Voltas Limited, Mumbai and retired there as Head Payroll & Compliance.
Mr. Anurag Jain is a qualified chartered accountant with more than 15 years of big4 experience in advising client on tax, social security, and immigration matters. He is also the co-founder of ByTheBook Consulting LLP. More here
Thank you both for accepting to be part of the session.
This year for LTC only travel expenditure will be considered. Last year was a one time benefit passed on to the employee as a part of pandemic relief measure.
For the part of premium directly paid by the employer, no deduction under section 80D will be available to the employee. Further, such direct payment is a tax free perk in the hands of employee.
In case premium amount has been reimbursed by the employer then it shall be a tax free perk and the employee will be eligible to get deduction under section 80D.
One important thing to note is that the insurance receipt should have the name of employee or his family member
"- For the part of premium directly paid by the employer, no deduction under section 80D will be available to the employee. since the receipt will be in the Companies Name.
In case premium amount has been reimbursed by the employer then it shall be a tax free perk and the employee will be eligible to get deduction under section 80D." Here the receipt is in the name of the Employee
Yes, medical expenditure can be claimed as deduction under Section 80D upto INR 50,000. Provided that the person is a senior citizen and no amount has been paid to effect or keep in force an insurance on the health of such person.
Exemption is available only for 2 journeys performed in a block of four calendar years (current ongoing block is 2022~2025);
In case LTA not availed during the block of 4 calendar years, then journey performed in the subsequent year will be eligible for concession and not counted in the aforementioned limit of 2 journeys.
Actual amount of travel expenditure is allowed as exemption subject to certain prescribed conditions. No expenses such as local conveyance, sightseeing, hotel accommodation, food, etc., are eligible for this exemption. The exemption is also limited to LTA provided by the employer.
The exemption for travel is available for the employee alone or with his family, where ‘family’ includes the employee’s spouse, children and wholly or mainly dependent parents, brothers, and sisters of the employee. Further, such an exemption is not available for more than two children of an employee born after 1 October 1998. Children born before 1 October 1998 do not have any restriction. Further, in cases of multiples births on second occasion after having one child is also not affected by this restriction."
Exemption is available only for 2 journeys performed in a block of four calendar years (current ongoing block is 2022~2025);
In case LTA not availed during the block of 4 calendar years, then journey performed in the subsequent year will be eligible for concession and not counted in the aforementioned limit of 2 journeys.
Actual amount of travel expenditure is allowed as exemption subject to certain prescribed conditions. No expenses such as local conveyance, sightseeing, hotel accommodation, food, etc., are eligible for this exemption. The exemption is also limited to LTA provided by the employer.
The exemption for travel is available for the employee alone or with his family, where ‘family’ includes the employee’s spouse, children and wholly or mainly dependent parents, brothers, and sisters of the employee. Further, such an exemption is not available for more than two children of an employee born after 1 October 1998. Children born before 1 October 1998 do not have any restriction. Further, in cases of multiples births on second occasion after having one child is also not affected by this restriction."
!on 10th February 2022
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