Lta Eligibility - Company Policy
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Lta Eligibility - Company Policy

balajivarsha Started The Discussion:

hi pls advise about LTA ELIGIBLITY? my self and my friend joined with a organisation last march 2010 and can we get the LTA BENEFIT B4 2010 DEC OR MARCH 2011. Pls be guide thanks n regds: Nanabala

kannanmv - Member Since: Apr 2009
Dear Nanabala,

LTA is paid on a calendar year basis. The current LTA block as per IT act is 2010 to 2013.

Generally, LTA is paid by companies upon completion of one year. If your company follows this procedure then you will be entitled for LTA only in March 2011.

LTA claimed twice in the block of of the above 4 years is exempt from tax. For example you can claim LTA for the calendar year 2010 in 2011 before December 2011. Likewise you can claim LTA for 2011 and 2012 in calendar year 2013.

LTA for calendar year 2013 and 2014 can be claimed in 2015 and LTA for calendar years 2015 and 2016 can be claimed in 2017 and so on. But please not that LTA is not taxed only if you undertake the travel with your family and produce evidence to that effect.

Trust the matter is clarified

M.V.KANNAN

Fleurette - Member Since: Feb 2009
Hi I wanted to confirm that LTA needs 3 consecutive P/L to be taken , to claim the allowances . Pls confirm back. Regards Fleurette

mahendrafuria - Member Since: Nov 2007
To claim LTA you need to be on PL. How many PL is a company policy. In IT act it mentioned that you should be on PL Regards Mahendra

mahendrafuria - Member Since: Nov 2007
Quote:
Originally Posted by kannanmv View Post
Dear Nanabala,

LTA is paid on a calendar year basis. The current LTA block as per IT act is 2010 to 2013.

Generally, LTA is paid by companies upon completion of one year. If your company follows this procedure then you will be entitled for LTA only in March 2011.

LTA claimed twice in the block of of the above 4 years is exempt from tax. For example you can claim LTA for the calendar year 2010 in 2011 before December 2011. Likewise you can claim LTA for 2011 and 2012 in calendar year 2013.

LTA for calendar year 2013 and 2014 can be claimed in 2015 and LTA for calendar years 2015 and 2016 can be claimed in 2017 and so on. But please not that LTA is not taxed only if you undertake the travel with your family and produce evidence to that effect.

Trust the matter is clarified

M.V.KANNAN

Let us be very clear about LTA claim and LTA Exemption

You can claim LTA every year also (based on your company Policy), since it is part of your CTC.

Exemption can be claimed only twice in the block of 4 years. This exemption can be in the years you want and not necessarily after 2 years have completed.

Also, if you have not utilized LTA exemption in one block, one LTA can be carry forward to the FIRST year of next block

Regards
Mahendra

Fleurette - Member Since: Feb 2009
Thanks for the inf

Is there a write up on this , because i think the P/L should be minimum 3 days and those 3 days should not be on Sundays or Public holidays .

If it is more than 3 days then it can have Sundays and Public holidays , but it should atleast have 3 working days


Regards
Fleurette

pragurock - Member Since: Dec 2009
Can we take this

Chennai-Coimbatore—450km
Coimbatore-Trivandram-282km
Trivandram –Kannur-415km
Kannur-Allepey—285km
Allepey –Bangalore-410km.
Bangalore –Hyderabad-500km
Hyderabad –Vijayawada-250km
Vijayawada-Vizag-303km
Vizag to Karimnagar-440km
Karimnagar-Hyderabad-135km
Hyderbad- Chennai-517km.


For Tax Exemption

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