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
Hi I wanted to confirm that LTA needs 3 consecutive P/L to be taken , to claim the allowances . Pls confirm back. Regards Fleurette
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
Can we take this
Vizag to Karimnagar-440km
For Tax Exemption
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