Hi!
I am Ravi
In our Company, we have employees paid morethan Rs.15000/- as basic salary per month and their medical & LTA eligibility is one month's basic pay per annum respectively.
In case, if the management decide to pay the medical allowance in equal monthly instalments is it OK? eg. Basic pay is Rs.42,000/-pm. Shall we pay it as Rs.3500/-pm along with his monthly salary. For tax purpose, the employee has to produce bills and claim exemption up to max. Rs.15000/-pa. Is it OK.
Like wise, whether LTA can also be paid on a monthly basis. ie. Rs.3500/-pm instead of yearly. For tax he should submit bills as per tax rules (2 trips in the block of 4 years). Is it OK
Please clarify.
Thanks & Regards
Ravi
From India, Madras
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I am Ravi
In our Company, we have employees paid morethan Rs.15000/- as basic salary per month and their medical & LTA eligibility is one month's basic pay per annum respectively.
In case, if the management decide to pay the medical allowance in equal monthly instalments is it OK? eg. Basic pay is Rs.42,000/-pm. Shall we pay it as Rs.3500/-pm along with his monthly salary. For tax purpose, the employee has to produce bills and claim exemption up to max. Rs.15000/-pa. Is it OK.
Like wise, whether LTA can also be paid on a monthly basis. ie. Rs.3500/-pm instead of yearly. For tax he should submit bills as per tax rules (2 trips in the block of 4 years). Is it OK
Please clarify.
Thanks & Regards
Ravi
From India, Madras
Acknowledge(0)Amend(0)
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