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LTA CLAIMED BY CO EMPLOYEES

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(Querist)
12 November 2008 HOW FAR THE COMPANY IS LIABLE AS FAR AS LTA CLAIMS BY EMPLOYEES ARE CONCERNED.
IS COMPANY IS LIABLE TO CHECK THE AUTHENTICITY OF THE BILLS SUBMITTED BY EMPLOYEES.
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
12 November 2008 1)It depends upon the scheme of the company. LTA is not a compulsory component of wages like minimum wages.
2)The company is liable to check the authenticity if it allows exemption while computing TDS.
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O.D.SHARMA

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O.D.SHARMA (Expert)
12 November 2008 LTC deduction is claimed by employee & when he is submitting the travel bill,As Finance person we have to see the law applicablity IE with train/Air Bills & get that signed.submission is employee's headache in case of scrutiny.
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