Could someone please share the latest LTA policy and government rules regarding the same? Can the cab bills be accepted along with air/bus/train bills? I receive mixed feedback, so it would be great if someone could help me.
Regards,
Kiran
From India, Hyderabad
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Regards,
Kiran
From India, Hyderabad
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Thanks for the information.
I have a couple of other questions.
1) For example, if an employee is not availing the LTA in the current financial year, whereas he is planning to do so in the second year, can this amount be retained by the organization for the employee to use the accumulated amount together? Or should the organization refund the LTA back by the end of the same financial year?
2) Can the LTA amount be reimbursed at the beginning of the financial year? Or should we wait until the last month of the financial year as we are not sure if the employee will continue to work? What is the usual practice followed by organizations?
Regards,
Kiran
From India, Hyderabad
Acknowledge(0)Amend(0)
I have a couple of other questions.
1) For example, if an employee is not availing the LTA in the current financial year, whereas he is planning to do so in the second year, can this amount be retained by the organization for the employee to use the accumulated amount together? Or should the organization refund the LTA back by the end of the same financial year?
2) Can the LTA amount be reimbursed at the beginning of the financial year? Or should we wait until the last month of the financial year as we are not sure if the employee will continue to work? What is the usual practice followed by organizations?
Regards,
Kiran
From India, Hyderabad
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LTA Tax Exemption and Reimbursement
Production of bills is for tax exemption purposes only. There is no need to hold the money towards LTA. IT exemption can be claimed 2 times in the block year of 4 years. The current block year is 2010-2013. LTA needs to be reimbursed at the end of the FY.
Thank you,
pon
From India, Lucknow
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616Production of bills is for tax exemption purposes only. There is no need to hold the money towards LTA. IT exemption can be claimed 2 times in the block year of 4 years. The current block year is 2010-2013. LTA needs to be reimbursed at the end of the FY.
Thank you,
pon
From India, Lucknow
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LTA Policy.doc