Hi
I have following query: -
Current block for LTA is from 01.04.06 till 31.03.09 (i.e 4 yrs). employee avails LTA only twice in a 4 years block , then bal amount of LTA is carried to nxt block.If employee does not avail LTA , till how much period can his LTA be c/fwd ? is there any timelines for this ? when it will be paid to employee?
- what will be the entries for above ?
Only one LTA can be carried forward to next 1 year i. e. 2010.
LTA amount cannot be carried forward. only the LTA availing can be carryforward. The LTA is availed based on the elgibility for the respective year.
Saini Pati Shah & Co LLP, Chartered Accountants
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CAclubindia
