LTA exemption in Income Tax
This query is : Resolved
05 March 2008
What are the documents needed to claim the exemption on income tax on Leave travel assistance?
And what is the limit for LTA that can be exempted from tax?
And what is the limit for LTA that can be exempted from tax?
05 March 2008
According to rule 2B, you can produce an air, rail or any public transport ticket.
You can even submit the bills issued by the car rental company if you rent a vehicle.
However, the travel is applicable anywhere in India and not abroad. So an international air ticket will not hold
If you do not submit any proof of travel, you will get your LTA but will have to pay tax on it.
If you produce proof of travel, it will not be taxable to the extent your proof of travel is covered
You can claim LTA twice in the block of four calendar years.
This block is not calculated with the start of your employment. The government defines these blocks.
You can even submit the bills issued by the car rental company if you rent a vehicle.
However, the travel is applicable anywhere in India and not abroad. So an international air ticket will not hold
If you do not submit any proof of travel, you will get your LTA but will have to pay tax on it.
If you produce proof of travel, it will not be taxable to the extent your proof of travel is covered
You can claim LTA twice in the block of four calendar years.
This block is not calculated with the start of your employment. The government defines these blocks.
05 March 2008
The statement "If you do not submit any proof of travel, you will get your LTA"..
This depends upon the company LTA rules also.
This depends upon the company LTA rules also.
05 March 2008
IF SUBMIT THE PROOF OF TRAVEL IT WILL NOT BE TAXABLE TO THE EXTENT OF PROOF AVAILABLE
05 March 2008
Suppose if I am joining a service in June 2008 and if I have travelled before June 2008, say in May 2008 and I have the bills of travel expenses. Can I claim that after joining the service?
05 March 2008
NO,YOU CANNOT CLAIM THE EXPENSES INCURRED BEFORE TH DATE OF JOINING
06 March 2008
No you cannot claim
07 March 2008
U cant claim the expenses.
u r eligible to avail LTA only after joining the company so u cant claim the same if the travel taken place before joining the company.
u r eligible to avail LTA only after joining the company so u cant claim the same if the travel taken place before joining the company.
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