Lta Year Slot India
Lta Year Slot India 7,6/10 7221 votes
A block year is different from a financial year and is decided by the Government for LTA exemption purposes. It comprises of 4 years each. The very first 4-year block commenced from 1986. List of block years are 1986-1989, 1990-93, 1994-97, 1998-2001, 2002-05, 2006-09, 2010-13 and so on. Dec 27, 2018 LTA exemption is available for 2 journeys in a block of 4 yrs. While the current block is 2018-21, one can carry it forward to the next block year. Employees who are eligible for Leave Travel Allowance (LTA), as part of their cost-to-company (CTC), can claim reimbursement of expenses incurred on travel. Any individual entitled to take the benefits of LTA can take it for traveling in India only. For tax auditing purpose, it is recommended to keep the record of travel in the form of travel proof. The Leave Travel Allowance exemption is available for two children only who are born after October 1, 1998. LTA is leave travel allowance meant for making tax exempt holiday once in period of two years with or without family. Air travel, train ticket cost (economy or first class AC), hotel and taxi bills within India (no abroad) are allowed. Full LTA that is part of CTC can be claimed with receipts. The first block began in 1986 to 1989, the next block was 1990 to 1993 and so on. Note that the applicable year is calendar year and not financial year. In other words, the last block period started on January 1, 2010 and ended on December 31, 2013. The new block started on January 1, 2014 and will end on December 31, 2017.
Rajiv505
Rajmore22
SUNEELKMASUR
Saurav1314
Harsha Shetty
Roshani.Rathod
rajmore22
Hi All up to what limit the LTA is exempted under I.T. ( e.g. in Rupees ) suppose if one person basis is 45000/- then and his LTA is yearly 90000/- then is it allowed by I.T. Raj
From IndiaAshi Rana
As per my knowledge, the LTA is exempted upto Rs. 15000/- per year i.e. Rs. 1250/- per month and is also deemed non- taxable for 2 times in a 4 years. thanks and regards,Lta Year Slot India Game
From India, Solan
SUNEELKMASUR
Dear Raj,LTA (Leave against Travel) has no limit as per Income tax law under section 10 (5) rule (2b). Any person can avail this facility two times in the block of 4 years. Current block is 2010 - 13. There are specific rules need to be followed to get the benefit.
Travel should be performed by the employee or employee and his family together.
Family means spouse, children, dependent Parents brothers & sisters.
Leave for minimum of 3 working days to be taken.
LTA Claim should be approved by HR - (Leave confirmation)
The opted amount will be withhold from monthly salary & reimbursed on submission of bills.
Exemption is available in respect of travel to any one place within India by the shortest route
Exemption is available only towards travel fare and does not include any other expense.
regards
suneel.
Lta Year Slot India Pin
From India, Bangalore
rajiv505
In fact, if we look precisely, LTA is leave travel allowance and it is fully taxable under Income Tax Act as it is a fixed allowance.However, LTC is exempt u/s 10(5). there are plenty of rules & conditions prescribed to avail such exemption as described above by Suneel.
But I have never come across any specific limit of exemption for LTC as stated above by some members. I believe it is tax free upto the amount actually spent by employee with proofs submitted (subject to other conditions fulfillment)
Rajiv
From India, Gurgaon
natraj.38
Hi all,LTA leave travel allowance is a perk that is given by the company to an employee and this is usually taken at the end of the year usually Dec. This facility is available to the employee and his family members i.e, spouse and children. All expenses pertaining to this are taken care of the company subject to the limit and the employee producing proof of expense.
As per my knowledge, this would be treated as a perk and taxable.
Please correct me if wrong.
Tks Raj
From India, Bangalore
Premendra Pranay
LTA is Local Travel Allowance . LTC is Leave Travel Concession.
If you mean something else by acronym LTA please clarify.
If you mean Leave Travel Allowance [ or Leave Travel Concession ] , then income tax exemption is limited to Air Economy or AC1 to the shortest route subject to submission of documentary evidence and number of family members eligible etc etc.. There is no restriction on amount which can be paid under this head. Amount paid minus actual spent on traveling ticket is taxable as per the slab. This concession is allowed twice in a block of four years.
If you mean Local Travel Allowance , then daily rate of Rs 50.00 of actual attendance is exempt. The latest daily rate value needs rechecking .
From India, Mumbai
Aruntalwar
Section 10(5) of the Income-Tax Act, 1961, read with Rule 2B, provides for the exemption and outlines the conditions subject to which LTA is exempt. Exemption of Fare Only - LTA exemption can be claimed where the employer provides LTA to employee for leave to any place in India taken by the employee and their family. Such exemption is limited to the extent of actual travel costs incurred by the employee. Travel has to be undertaken within India and overseas destinations are not covered for exemption.
Exemption on Actual Expense - For example, where an employer provides LTA of Rs 25,000, but an employee spends only Rs 20,000 on the travel cost, then the exemption is limited to only Rs. 20,000.
Travel cost means the cost of travel and does not include any other expenses such as food, hotel stay etc.
The meaning of ‘family’ for the purposes of exemption includes spouse and children and parents, brothers and sisters who are wholly or mainly dependent on you.
An individual would not be able to claim the exemption in relation to his parents, brother or sisters unless they are wholly or mainly dependent on the individual. Further, exemption is not available for more than two children of an individual born after October 01, 1998.
This restriction does not apply in respect of children born before this date, and also in cases where an individual, after having one child, begets multiple children (twins or triplets or quadruplets, etc.) on the second occasion. The term “Child” includes a step-child and an adopted child of the individual.
Amount Exempted
1. Journey performed by Air - Economy Air fair of National carrier by the shortest route or the amount spent which ever is less will be exempt
2. Journey performed by Rail – A.C. first class rail fare by shortest route.or amount spent which ever is less will be exempt.
3. Place of origin and destination place of journey connected by rail but journey performed by other mode of transport - A.C. first class rail fare by shortest route or amount spent which ever is less.
4. Place of origin& destination not connected by rail(partly/fully) but connected by other recognised Public transport system - First class or deluxe class fare by shortest route or amount spent which ever is less.
5. Place of origin& destination not connected by rail(partly/fully) and not connected by other recognised Public transport system also – AC first class rail fare by shortest route (as the journey had been performed by rail) or the amount actually spent ,which ever is less.
From India, Delhi
Harsha Shetty
Dear Premendra, LTA (Leave against Travel) has no limit as per Income tax law under section 10 (5) rule (2b). Any person can avail this facility two times in the block of 4 years. Current block is 2010 - 13. There are specific rules need to be followed to get the benefit.
Travel should be performed by the employee or his family together. Family means spouse, children, dependent Parents brothers & sisters.
Leave for minimum of 3 working days to be taken.
Exemption is available in respect of travel to any one place within India or abroad on producing the original bills on Travel. If you travel by Air you need to produce ticket as well as boarding pass of traveler, If you travel by car you need to produce original bill, Trip sheet, Toll gate tickets (in originals). But LTA will be calculated only shortest rout as well as 3 tier train rates.
It is benefit the employee only in terms of saving some amount of income tax
Regards
Harsha
From India, Bangalore
Roshani.Rathod
i think some people are getting confused with Medical Reimbursement and LTA.For Medical Reimbursement limit is of 15kpa but for LTA there is no limit or it can be fixed amount(eg: 2 months basic salary*12 per annum) given by employer and ultimately part of your CTC breakup.. Correct me if I am wrong...
From India, Pune
Aruntalwar
Dear Harsha,Proof of travel
Recently Supreme Court has held in the case of Larsen & Toubro and ITI that employers are under no statutory obligation to collect bills and details to prove that the employees had utilised the amounts obtained against these claims on travel and related expenses.
Employers while assessing the travel allowance claims, do not need to collect proof of travel to submit to the tax authorities. Though it is not mandatory for employers to demand proof, they still have the right to demand documentary proof depending on its policy. The Judgement of Supreme Court has only moved the responsibility from the employer to the employee, the assessing officer can still ask for the employee to provide details of travel.
The individual however needs to keep copies for his or her own records. Such proofs are helpful at the time of the audit of the tax return of the individual. Proof of travel could be, for example, tickets, boarding passes, invoice of travel agent, duty slip etc .
During the Fringe Benefit tax (FBT) regime, provision of paid holidays, including travel cost to any place, stay expenses etc. were subject to FBT in the hands of employers and were not taxable in the hands of individuals. Many employers extended the paid holiday benefit instead of LTA.
Now with the elimination of FBT , with effect from. April 1, 2009, paid holiday benefit is fully taxable in the hands of employees and, therefore, employers are reintroducing the LTA element by withdrawing the paid holidays benefit
From India, Delhi
1
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