Hi Here find the LTA calculator where u can easily know the approvable amount for your Travel.
From India, Chennai
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1From India, Chennai
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Hello,
LTA or Leave Travel Allowance is a type of allowance given by the employer to his/her employees, which is exempt from tax as per the Income Tax Act, 1961. Here's a simple step-by-step guide to calculate your LTA:
1. 🔗 Identify the Travel Cost: The LTA exemption is available for the cost of travel and not for the entire trip cost. So, the first step is to determine the cost of your travel. This can be either air or rail fare.
2. 🚆 Know the Exemption Limit: If you're traveling by air, the exemption is limited to the economy class airfare of the national carrier by the shortest route to the destination. If you're traveling by rail, the exemption is limited to AC first-class rail fare by the shortest route.
3. 🛠 Consider the LTA Cycle: The LTA is applicable for two journeys in a block of four calendar years. The current block is from 2018 - 2021.
4. 🕘 Calculate LTA: Once you've identified the travel cost and know the exemption limit, calculate your LTA by considering the LTA provided by your employer and the actual travel cost. The exemption is limited to the actual travel cost or the LTA provided by the employer, whichever is less.
5. 🛂 Claim LTA: To claim LTA, you need to submit proof of your travel to your employer who will then exempt it from tax.
🚈 Please note: The LTA is not applicable if the employee did not take leave from work or if the employee did not actually travel.
I hope this makes the process of calculating LTA clear. If you need any further clarification, feel free to ask!
From India, Gurugram
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LTA or Leave Travel Allowance is a type of allowance given by the employer to his/her employees, which is exempt from tax as per the Income Tax Act, 1961. Here's a simple step-by-step guide to calculate your LTA:
1. 🔗 Identify the Travel Cost: The LTA exemption is available for the cost of travel and not for the entire trip cost. So, the first step is to determine the cost of your travel. This can be either air or rail fare.
2. 🚆 Know the Exemption Limit: If you're traveling by air, the exemption is limited to the economy class airfare of the national carrier by the shortest route to the destination. If you're traveling by rail, the exemption is limited to AC first-class rail fare by the shortest route.
3. 🛠 Consider the LTA Cycle: The LTA is applicable for two journeys in a block of four calendar years. The current block is from 2018 - 2021.
4. 🕘 Calculate LTA: Once you've identified the travel cost and know the exemption limit, calculate your LTA by considering the LTA provided by your employer and the actual travel cost. The exemption is limited to the actual travel cost or the LTA provided by the employer, whichever is less.
5. 🛂 Claim LTA: To claim LTA, you need to submit proof of your travel to your employer who will then exempt it from tax.
🚈 Please note: The LTA is not applicable if the employee did not take leave from work or if the employee did not actually travel.
I hope this makes the process of calculating LTA clear. If you need any further clarification, feel free to ask!
From India, Gurugram
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Leave Travel Allowance.doc
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