LTA / LTC (Leave Travel Allowance / Concession) in Brief

Originally posted by : Hardik Dave
	Thanku for sharing, keep sharing.

thanks!!

Good 1...brief and concise.....

Keep sharing!!!!

Thank u both Vaibhav ji & Sanket ji 4 sharing a useful post wid us......................

Keep Sharing............

Thanks Vaibhav!! for very useful information, keep it up........

Dear,

As per provisions of IT act employee has to travel alongwith parents to be eligible for LTA exemption.

What If parents join in between of journey, whether the total exemption related to parent portion will not be given or partial.

For e.g:

Suppose an employee starts journey from A and reaches to D via B and C.

Parents join at point B and come back to B alongwith family. whether there will be any LTC exemption for parents portion. ??

Please reply quoting some supporting case law and provisions.

Hi

I am working in a private company. I have joined in 2004. I have claimed LTC on 25-7-2006, 31-3-2008, 30-9-2010, 31-8-2012. As per my company LTC rule, one basic is allowed per year as LTC so i have claimed everytime two basics as LTC. If i claim two basic amount worth as LTC in September 2014, will it be taxable as per TDS rules?

Our HR and TAX department deducted TDS saying that i am claiming for the previous year, because in our LTC form there is one column by name "Period of claiming" in which i am mentioned the prevous years. Actual travelling dates are in June 2014.

My question is, as per Income tax rule Tax applicable or exempted is only sees, whether i have claimed twice in the specific LTC block of 4 years or the period for which i am claiming as mentioned for HR purpose. As per IT rule i have claimed exactly as required twice in a block of 4 years.

Please reply regarding.

Prakash

@ prakash

If you dont claim LTC in a year then whether it gets automatically paid or gets carried fwd?

I am asking in IT prospective whether TDS to be deducted or not.

For your reply, in our company If i dont claim no automatic payment from HR, they consider it as carried forward, but no provision entry as such will be posted in books of accounts as it is not required.

Regards

Prakash.

As per IT expense incurred in cureent year only claim for exemption in current year, fo if you spend in last FY, you can not claim exemption for said expense in current year!

Thanks

Dear Vaibhav

I have travelled in current year i.e. June 2014 and claiming in current year september 2014.

Regards

Prakash

Originally posted by : PRAKASH A.V.N.B.
	Dear Vaibhav I have travelled in current year i.e. June 2014 and claiming in current year september 2014. Regards Prakash

Yes, you can very well claim exemption, even if your employer deny so, you can claim while filing ITR.

Hi Vaibhav,

Well I liked your article, But I still feel there should be some hidden clauses or formulae exists which we are not aware of.

Bcoz in my scenario, My LTA was not considered fully, only partial amount accepted when I submitted bills with following details.

Our Eligible LTA is 50K, for a family of 5 members travelled for 5 days (with Leaves considered) and journey of 1900KM how much LTA is accepted, we travelled by Taxi.
When I submitted LTA bills, they scrutinized and accepted only 22K for Tax exemption.
Now I am not able to understand on what calculation they got this acceptable amount.
Do you know if any formula exists based on total KMS/number of members/number of days.
Plz analyze and share the explanation.