Hi,
Actually in our company for every month we can make reimbursement. For every 6 months once we can change the amount in the each section of reimbursement. From the month of october only i made entry in the reimbursement form. In that i entered amount for HRA, medical reimbursement and LTA. If submit the bill only i can get the medical and LTA reimbursement . For medical reimbursement i'm submitting bill. But for LTA i don't know. I'm having one doubt. whether that amount can be claimed only by providing travel bill or else i can submit fixed deposit savings paper or else other for it. Also, if my salary doesnot exceeds the I.T limit then i can get these amounts back? I'm new to the job. So i don't know what are these and all. So please help.
Regards,
Aswini
From India, Madras
Actually in our company for every month we can make reimbursement. For every 6 months once we can change the amount in the each section of reimbursement. From the month of october only i made entry in the reimbursement form. In that i entered amount for HRA, medical reimbursement and LTA. If submit the bill only i can get the medical and LTA reimbursement . For medical reimbursement i'm submitting bill. But for LTA i don't know. I'm having one doubt. whether that amount can be claimed only by providing travel bill or else i can submit fixed deposit savings paper or else other for it. Also, if my salary doesnot exceeds the I.T limit then i can get these amounts back? I'm new to the job. So i don't know what are these and all. So please help.
Regards,
Aswini
From India, Madras
Hi seniors, Please reply to this. I’m new to the job. I need your help. Regards, Aswini.
From India, Madras
From India, Madras
Dear Aswini
What is your company policy regarding LTA and Medical Reimbursement. If the amount is fixed and if they make the payment without bills, then it will attract tax as per your tax slab.
If you submit the Bills and flight and train tickets then upto the extent of amount you will be exempted from tax.
Some companies are having only as reimbursement facilities in which whatever amount you are spending on medical (bills to be attached) and on Leave Travel (to be supported with Tickets) only will be given to the employees, for which the question of tax will not arise.
Please clarify from your company policies.
With warm regards
S. Bhaskar
9099024667
From India, Kumbakonam
1166What is your company policy regarding LTA and Medical Reimbursement. If the amount is fixed and if they make the payment without bills, then it will attract tax as per your tax slab.
If you submit the Bills and flight and train tickets then upto the extent of amount you will be exempted from tax.
Some companies are having only as reimbursement facilities in which whatever amount you are spending on medical (bills to be attached) and on Leave Travel (to be supported with Tickets) only will be given to the employees, for which the question of tax will not arise.
Please clarify from your company policies.
With warm regards
S. Bhaskar
9099024667
From India, Kumbakonam
Thanks for ur reply..
In my company if we submit bills for medical and LTA , then upto the specified amount we will be exempted from tax.
So please clarify about how to get the LTA
Because that amount is deducted from my salary every month. i don't know what to do.
Please help me.
Regards,
Aswini
From India, Madras
In my company if we submit bills for medical and LTA , then upto the specified amount we will be exempted from tax.
So please clarify about how to get the LTA
Because that amount is deducted from my salary every month. i don't know what to do.
Please help me.
Regards,
Aswini
From India, Madras
As per LTA is concerned there are certain factors which needs to be considered. They are:
Block Years
Claiming period
Duration of payment
Block Years: The block year is fixed by the central government. It is actually four years and changes every span of four years. The current block year is 2010 to 2013.
In a block of four years the employee can claim only two times his lta amount within the eligibility. The "two times" can be at any time between the financial years 2010 to 2013, according to the current block.
Suppose if an employee doesnt claim at all in these block years then he can claim the eligibility of this four years block in the first year of the next block that is in the year 2014.
As per your message above it seems that they are paying your LTA as taxable on a monthly basis. Hence they may ask you for the bills in the year end for exempting those amount from tax.
For more clarifications post in this thread.
Regards,
Periaswamy K
From India, Madras
Block Years
Claiming period
Duration of payment
Block Years: The block year is fixed by the central government. It is actually four years and changes every span of four years. The current block year is 2010 to 2013.
In a block of four years the employee can claim only two times his lta amount within the eligibility. The "two times" can be at any time between the financial years 2010 to 2013, according to the current block.
Suppose if an employee doesnt claim at all in these block years then he can claim the eligibility of this four years block in the first year of the next block that is in the year 2014.
As per your message above it seems that they are paying your LTA as taxable on a monthly basis. Hence they may ask you for the bills in the year end for exempting those amount from tax.
For more clarifications post in this thread.
Regards,
Periaswamy K
From India, Madras
Thank u for the detailed reply.
One more doubt, if i'm unable to submit bill at the end of the year, whether they include that amount in the tax calculation or not. Or whether i can claim that amount only after submitting the bill.
Please clarify
Regards,
Aswini
From India, Madras
One more doubt, if i'm unable to submit bill at the end of the year, whether they include that amount in the tax calculation or not. Or whether i can claim that amount only after submitting the bill.
Please clarify
Regards,
Aswini
From India, Madras
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