hi pls advise about LTA ELIGIBLITY? my self and my friend joined with a organisation last march 2010 and can we get the LTA BENEFIT B4 2010 DEC OR MARCH 2011. Pls be guide thanks n regds: Nanabala
From India, Madras
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From India, Madras
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Dear Nanabala,
LTA is paid on a calendar year basis. The current LTA block as per the IT Act is 2010 to 2013. Generally, LTA is paid by companies upon completion of one year. If your company follows this procedure, then you will be entitled to LTA only in March 2011. LTA claimed twice in the block of the above 4 years is exempt from tax. For example, you can claim LTA for the calendar year 2010 in 2011 before December 2011. Likewise, you can claim LTA for 2011 and 2012 in the calendar year 2013.
LTA for the calendar year 2013 and 2014 can be claimed in 2015, and LTA for calendar years 2015 and 2016 can be claimed in 2017 and so on. But please note that LTA is not taxed only if you undertake the travel with your family and produce evidence to that effect. Trust the matter is clarified.
M.V. KANNAN
From India, Madras
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270LTA is paid on a calendar year basis. The current LTA block as per the IT Act is 2010 to 2013. Generally, LTA is paid by companies upon completion of one year. If your company follows this procedure, then you will be entitled to LTA only in March 2011. LTA claimed twice in the block of the above 4 years is exempt from tax. For example, you can claim LTA for the calendar year 2010 in 2011 before December 2011. Likewise, you can claim LTA for 2011 and 2012 in the calendar year 2013.
LTA for the calendar year 2013 and 2014 can be claimed in 2015, and LTA for calendar years 2015 and 2016 can be claimed in 2017 and so on. But please note that LTA is not taxed only if you undertake the travel with your family and produce evidence to that effect. Trust the matter is clarified.
M.V. KANNAN
From India, Madras
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Hi I wanted to confirm that LTA needs 3 consecutive P/L to be taken , to claim the allowances . Pls confirm back. Regards Fleurette
From India, Mumbai
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From India, Mumbai
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To claim LTA you need to be on PL. How many PL is a company policy. In IT act it mentioned that you should be on PL Regards Mahendra
From India, Mumbai
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From India, Mumbai
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Dear Nanabala, LTA is paid on a calendar year basis. The current LTA block as per the IT Act is 2010 to 2013. Generally, LTA is paid by companies upon completion of one year. If your company follows this procedure, then you will be entitled to LTA only in March 2011. LTA claimed twice in the block of the above 4 years is exempt from tax. For example, you can claim LTA for the calendar year 2010 in 2011 before December 2011. Likewise, you can claim LTA for 2011 and 2012 in the calendar year 2013. LTA for the calendar year 2013 and 2014 can be claimed in 2015, and LTA for the calendar years 2015 and 2016 can be claimed in 2017 and so on. But please note that LTA is not taxed only if you undertake the travel with your family and produce evidence to that effect.
Trust the matter is clarified.
M.V.KANNAN
LTA Claim and Exemption
Let us be very clear about LTA claim and LTA Exemption. You can claim LTA every year also (based on your company policy), since it is part of your CTC. Exemption can be claimed only twice in the block of 4 years. This exemption can be in the years you want and not necessarily after 2 years have completed. Also, if you have not utilized LTA exemption in one block, one LTA can be carried forward to the FIRST year of the next block.
Regards,
Mahendra
From India, Mumbai
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Trust the matter is clarified.
M.V.KANNAN
LTA Claim and Exemption
Let us be very clear about LTA claim and LTA Exemption. You can claim LTA every year also (based on your company policy), since it is part of your CTC. Exemption can be claimed only twice in the block of 4 years. This exemption can be in the years you want and not necessarily after 2 years have completed. Also, if you have not utilized LTA exemption in one block, one LTA can be carried forward to the FIRST year of the next block.
Regards,
Mahendra
From India, Mumbai
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Tax Exemption (SUPERB).doc
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