I need clarification on what is meant by LTA and to whom it is applicable. Is it only applicable to the manager cadre and executive cadre? Can I know the salary particulars for those to whom the Leave Travel Allowance is applicable?
With Regards,
B. Sreenivasa Rao
From India, Hyderabad
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With Regards,
B. Sreenivasa Rao
From India, Hyderabad
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LTA - Leave Travel Allowance
Generally, everyone can be entitled to the same. If the salary falls into a taxable bracket, then the LTA can be used as a component of the salary to save on taxes.
Trust this will help you!
Regards
From India, Pune
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47Generally, everyone can be entitled to the same. If the salary falls into a taxable bracket, then the LTA can be used as a component of the salary to save on taxes.
Trust this will help you!
Regards
From India, Pune
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There is no minimum requirement of salary to be eligible for LTA. But as rightly pointed out, it is usually used to save income tax for higher salaried employees.
From India, Mumbai
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From India, Mumbai
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To elaborate more on LTA:
- An employee is eligible for LTA after their probation period.
- Normally, LTA can be applied after 1 year, as employees' earned leaves/privilege leaves get credited. The minimum leaves to take for LTA are 6.
- If someone leaves without availing LTA, even though eligible, their due amount is given in the full and final settlement.
Regards,
Vaishalee
From India, Pune
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- An employee is eligible for LTA after their probation period.
- Normally, LTA can be applied after 1 year, as employees' earned leaves/privilege leaves get credited. The minimum leaves to take for LTA are 6.
- If someone leaves without availing LTA, even though eligible, their due amount is given in the full and final settlement.
Regards,
Vaishalee
From India, Pune
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Leave Travel Allowance (LTA) and Tax Exemption
No limit is specified in IT rules. It is mainly for tax saving. Air/train/bus tickets are considered for tax exemption on the shortest routes. In a block year of 4, one can claim tax exemption twice.
Regards,
Pon
From India, Lucknow
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No limit is specified in IT rules. It is mainly for tax saving. Air/train/bus tickets are considered for tax exemption on the shortest routes. In a block year of 4, one can claim tax exemption twice.
Regards,
Pon
From India, Lucknow
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Leave Travel Allowance.doc
The Ins & Outs of Leave Travel Allowance.pdf