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Dear Abhishek,
Under Indian Labour law there is no as such provision of Comp. Off for a personnel at managerial designation. Still management can make a provision of it in their company's policy if any required considering as a special case or in general whatever suits the situation. At senior designations specifically where travelling is included, it always been mutually discussed, confirmed and agreed at the time of appointment. Also to ease the travelling hectic company has its own travel expense slabs designed as per the designations, which may cover the expenses as mentioned by Hemant sir, which you can avail during your business tours.
The best person to answer your remaining queries is your HR Head, who is aware about your terms of appointment and related applicable company's policy.
Sincere salutations!

From India, Panvel
Dear Abhishek, Greetings!!@ I do believe, that ta and DA is already paid to you so all compensation, you are asking about, already you are getting. No question of extra comp offs. Rgds
From India, Delhi
Congratulations on your cool work. Success in life and career.
From United States, Santa Clara

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