Hi Seniors,
I wanted more clarity on LTA aspects. Can LTA be paid to an employee each month through salary (For Eg: LTA amount is 10K, can Rs.833.33 be added each month) OR does any LTA rule apply (To be paid only once in 2 years) in bangalore.
Kindly reply asap.
Regards
From India, Bangalore
7I wanted more clarity on LTA aspects. Can LTA be paid to an employee each month through salary (For Eg: LTA amount is 10K, can Rs.833.33 be added each month) OR does any LTA rule apply (To be paid only once in 2 years) in bangalore.
Kindly reply asap.
Regards
From India, Bangalore
Hi Sanjna,
LTA refer to leave travel allowance under income tax. The compamy is at discretion to pay LTA montly or yearly but for claiming benefit under income tax LTa has to be paid when the employee was on leave i.e. for a vacation. The employee is expected to give declaration of the expneses incurred during the tour to the company. This includes lodging and borading expense. Travel fare either by first class rail fare or air fare economy class.
Hope this solves ur query.
Warm Regards,
CA Vikas Goel
From India, Mumbai
LTA refer to leave travel allowance under income tax. The compamy is at discretion to pay LTA montly or yearly but for claiming benefit under income tax LTa has to be paid when the employee was on leave i.e. for a vacation. The employee is expected to give declaration of the expneses incurred during the tour to the company. This includes lodging and borading expense. Travel fare either by first class rail fare or air fare economy class.
Hope this solves ur query.
Warm Regards,
CA Vikas Goel
From India, Mumbai
Dear Sanjana,
LTA is been included in salary component to save tax this is nothing but the reimburseme nt.
How can you shell out the reimbursement without production of original bills bt the employee.
It is manadatory for employee to fave at least 03 days leave to be shown on paper.
The bill of conveyance should have Service Tax No ( In case of Private Vehicle ) or Railway or of State Transport.
The date of leave & date of journey should match.
Ask in case of any query.
From India, Pune
LTA is been included in salary component to save tax this is nothing but the reimburseme nt.
How can you shell out the reimbursement without production of original bills bt the employee.
It is manadatory for employee to fave at least 03 days leave to be shown on paper.
The bill of conveyance should have Service Tax No ( In case of Private Vehicle ) or Railway or of State Transport.
The date of leave & date of journey should match.
Ask in case of any query.
From India, Pune
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LTA RULES - AMENDED.doc
Mah Shop & Est (RECS) Rules 2018.pdf