Lta Claim Year Slot
Keerthipranav
Prashant B Ingawale
- During this time period, a person is entitled to two LTA claims. Though you can claim two journeys in a block of four years, you can claim the LTA benefit just once in a year.
- Payment of life-time arrears of pension (LTA) LTA is the Pension for the period it was not drawn during the life time of a pensioner.According to Arrears of Pension (Nomination) Rules, 1983, pensioners are required to nominate another person, during his/her lifetime to receive the arrears of pension, due to the pensioner on his/her death.
- It is only available in a block of two years and current period is calendar year 2014-17. Some of the ways how you can claim your LTA amount for which tax break are: Air travel If you are travelling on the economy class fare of the national carrier by the shortest route then you are eligible to claim the LTA. Multi-destination journey.
- To make use of this benefit, you need to travel in the first calendar year of the next block. “LTA is the only exemption one needs to claim in a calendar year. The rest are based on the financial year,” says Agrawal. The block applicable for the current period is calendar years 2014-2017. The previous block was calendar years 2010-2013.
Income tax act says you can claim for two journeys in a block of four years. So you even can claim for two journeys in the same year, provided you make no more LTA exemption claims for the rest of the block. You cannot claim LTA every year. What if both husband and wife are eligible for LTA?
Chi.naam
Vksbhrt
chi.naam
Hi, I've been working with a Japanese MNC as HR Executive since past 11months(I joined in July 2007). In our company, it has been said that I can claim LTA Only Completion of One year???? Why is it so, IF Govt. of India has 4yrs Block i.e. 2006-09 Jan-Dec. ???????
Secondly if I switch to some other company, will I still get the LTA or I can claim only after One year i.e. July 2007???? Why is it So??
Third, after switching to some other company, can I claim LTA every Year ???? Because Our COMPANY says that an Employee Can Claim the Stated LTA Amount Every Year???? How much true is it and is it true from LEGAL Point Of View?????? Can some1 please answer this questions........It will be of great help for me as well to make other people Understand Regarding the same.
Regards,
Chinmay Desai.
From India, Mumbai
vksbhrt
Hi Chinmay, What ever information I have I am sending to you. Regards, vikasFrom India, Pune
| LTA FUNDAMENTALS.doc(55.0 KB, 491 views) |
| LTA.doc(22.5 KB, 336 views) |
Keerthipranav
Please find below the creteria for availing LTA:LTA is tax free for the amount you have submitted the bills.
Say in your package LTA is 25000/- and you have performed journey for 15000/- and submitted the relavent documents, 15000/- is exempted from tax as per sec 10 of IT Act and remaining amount is taxable.
The present blaock is January 2006 to December 2009.
Only domestic tranvel will be conisdered for claiming LTA.
LEAVE TRAVEL CONCESSION
L.T.C. is granted to an employee in connection with the journey on leave by him or his family. It is exempt from income tax within certain limits as under : -
For availing this benefit the employee should at least use his one day PL (Privileged leave).
Exemption is limited to amount actually spent.
Only two journeys in a block of 4 years are exempt. Block of four calendar years commencing from 1986. Fresh block commence from 1 January 2006 to 31, December 2009.
If LTA has not availed during any of the specified four year block periods on one of the two permitted occasions( or on both occasions), exemption can be claimed in the first calendar year of the next block(but in respect of only one Journey). This is known as “Carry over concession” In such case exemption so availed will not be counted for the purpose of claiming the future exemptions allowable in respect of 2 journeys in the subsequent block.
Quantum of exemption is limited to expenses on air fare, rail fare, bus fare only. No other expenses like scooter charges at both ends, porterage expenses during the journey and lodging/boarding expenses will qualify for exemption.
If the journey is performed by circuitous route, the exemption is limit to admissible only to shortest route. Where the journey is performed in a circular form touching different places, the exemption will be limited to what is admissible for the journey from the place of origin to the farthest point reached, by the shortest route.
Family in relation to individual means: Spouse and children of the individual, and the parents, brothers and sisters of the individual who are wholly and mainly dependent on him.
Exemption is available in respect of two children born after October 1, 1998.
Journey in different situation:
Journey performed by air: Economy fare of National carrier by shortest route or the amount spent which ever is less.
Journey performed by Rail: Amount of First –A/c rail fare by shortest route or amount spent whichever is less.
Origin and destination of the journey connected by rail and journey performed by any other mode of transport: Amount of First –A/c rail fare by shortest route or amount spent whichever is less.
Where recognized public transport exists: First class or deluxe class fare by the shortest route or amount spent, whichever is less.
Where no recognized public transport systems exists: Amount of First –A/c rail fare by shortest route or amount spent whichever is less.(as if the journey had been performed by rail)
In case the L.T.A. is en cashed without actually performing the journey the entire amount received by the employee would be taxed in his hands.
From India, Gurgaon
I0077
Hi, The Block of 4 years concept is applicable for Public Limited companies or Govt only?From India, Chennai
Prashant B Ingawale
BLOCK year concept is applicable for all employees either of goverment or privateFrom India, Pune
Lta Claim Year Slot Wins
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#Listed In:income taxpublic transportclaiming ltaCountry-IndiaCity-India-Mumbai
