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.
M N Rao & Associates LLP
Vijayawada
CA Inter
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