Leave travel allowance
This query is : Open
07 January 2016
As per company policy, an employee is allowed to claim one month basic salary as LTA. Now, if an employee does not claim LTA for 2014-15 and 2015-16. Employee performs travel in June 2016, claims LTA for FY 2014-15 and 2015-16. What is the amount of limit to be considered while calculating LTA exemption under Income tax Act. (i.e. whether only FY 2015-16 to be considered or total amount claimed by employee for FY 2014-15 and FY 2015-16 to be considered.
07 January 2016
Amount Exempted
1. Journey performed by Air - Economy Air fair of National carrier by the shortest route or the amount spent which ever is less will be exempt
2. Journey performed by Rail – A.C. first class rail fare by shortest route.or amount spent which ever is less will be exempt.
3. Place of origin and destination place of journey connected by rail but journey performed by other mode of transport - A.C. first class rail fare by shortest route or amount spent which ever is less.
4. Place of origin& destination not connected by rail(partly/fully) but connected by other recognised Public transport system - First class or deluxe class fare by shortest route or amount spent which ever is less.
5. Place of origin& destination not connected by rail(partly/fully) and not connected by other recognised Public transport system also – AC first class rail fare by shortest route (as the journey had been performed by rail) or the amount actually spent ,which ever is less.
1. Journey performed by Air - Economy Air fair of National carrier by the shortest route or the amount spent which ever is less will be exempt
2. Journey performed by Rail – A.C. first class rail fare by shortest route.or amount spent which ever is less will be exempt.
3. Place of origin and destination place of journey connected by rail but journey performed by other mode of transport - A.C. first class rail fare by shortest route or amount spent which ever is less.
4. Place of origin& destination not connected by rail(partly/fully) but connected by other recognised Public transport system - First class or deluxe class fare by shortest route or amount spent which ever is less.
5. Place of origin& destination not connected by rail(partly/fully) and not connected by other recognised Public transport system also – AC first class rail fare by shortest route (as the journey had been performed by rail) or the amount actually spent ,which ever is less.
Message likes :
1 times
07 January 2016
It means the period for which claim pertains does not have relation to the amount of exemption available?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITDS U/S.194T of Firm
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- Non-Compliance documents have not been submitted by the contractors debited
- EXPORT COMMERCIAL INVOICE HSN CODE
- Bank details not Visible on Traces Portal
- FCRA 6 E- Intimation
- Same demand raised for original as well as rectification request return
- Sale of property held jointly with a non resident Indian
- TDS ON EMAIL DOMAIN SERVICE BILL
- CAPITAL GAIN BASE ON NOTIFICATION
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- Eway bill not cancelled within 24 hous what can be due
- TDS Deducted AY-2013-14 Not Reflected in 26as
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
