i want to know that LTA is TAXABLE WHEN LTA PART OF SALARY....AND MAXIMUM HOW MUCH LTA AMOUNT GET AN EMPOLYE AND ALSO WANT TO KNOW THAT HOW MUCH GRATUITY PAID TO EMPLIYE...OR GRATUITY IS TAXABLE OR NOT
VIKRAM KUMAR
From India, Chandigarh
VIKRAM KUMAR
From India, Chandigarh
Vikram,
You can avail tax exemption for the LTA twice in a block year of 4 yrs. You have avail min 6 days of PL for availing tax exemption. You have to produce train/air/bus tkts of the shortest routes for your famil & dependents. No limit is specified for LTA.
Pon
From India, Lucknow
604You can avail tax exemption for the LTA twice in a block year of 4 yrs. You have avail min 6 days of PL for availing tax exemption. You have to produce train/air/bus tkts of the shortest routes for your famil & dependents. No limit is specified for LTA.
Pon
From India, Lucknow
Thnx for the reply mr pon
i m little confuse bcz our company paid lta on yearly basis and how can i define bolck year. Supose i join in company 02-04-2011 and i m aplicable for lta in 2013 and what is the caclculation on this lta...
Vikram ......
From India, Chandigarh
i m little confuse bcz our company paid lta on yearly basis and how can i define bolck year. Supose i join in company 02-04-2011 and i m aplicable for lta in 2013 and what is the caclculation on this lta...
Vikram ......
From India, Chandigarh
LTA cane be claimed twice in a block of 4 calendar years. The current block is from 2011-2014.Even though now a days companys pay this LTA as a Year wise. But employee has to be an official leave on travelling day and submit avail Travelling bills like train/flight/bus whatever it may be.
When employers paid this LTA year wise then consider financial year for tax purpose which means April 2011 to March 2012 like that. LTA amount eligibility will depend on Employee position and Level and grad.
coming Regarding gratuity is exempted up to 10 Lak from tax. I hope you lost your confusion from my answer.
Regards
M@NOJ HR
From India, Bangalore
When employers paid this LTA year wise then consider financial year for tax purpose which means April 2011 to March 2012 like that. LTA amount eligibility will depend on Employee position and Level and grad.
coming Regarding gratuity is exempted up to 10 Lak from tax. I hope you lost your confusion from my answer.
Regards
M@NOJ HR
From India, Bangalore
than mr manoj and yes i have no confusion right now... in his regrading, but cam u tell me how can i mantain worker salary refgister and what form no register use for attendence vikram.....
From India, Chandigarh
From India, Chandigarh
The current block year is 2010-13. If you could not avail LTA (for tax exemption) in the current block year, you can avail in the next block year. LTA is on calender year. If you are not undertaking journey, the amount received at the end of the year will be treated as taxable income.
Hope I clarified.
Pon
From India, Lucknow
Hope I clarified.
Pon
From India, Lucknow
ya............ thanx mr pon but can u tell me how can i mantain worker salary refgister and what form no register use for attendence
From India, Chandigarh
From India, Chandigarh
Dear Vikram Ji,
LTA when actually availed of for self and dependant family members after completion of one year service (once in a block of four years), is not taxable subject to production of actual rail/air tickets. Amount spent on lodging and boarding, sight seeing etc. is not considered for tax exemption. Only to and fro travelling expenses considered.
Gratuity being terminal benefit, is not taxable at all. Encashment of leave received as a result of termination of service, is also not taxable. Company contribution to one's PF account, received after five year service is not taxable. When it is received before completion of 5 years, it is taxable income. Own subscription to PF received after closure of PF account is not taxable, irrespective of number of years of service.
From India, Pune
LTA when actually availed of for self and dependant family members after completion of one year service (once in a block of four years), is not taxable subject to production of actual rail/air tickets. Amount spent on lodging and boarding, sight seeing etc. is not considered for tax exemption. Only to and fro travelling expenses considered.
Gratuity being terminal benefit, is not taxable at all. Encashment of leave received as a result of termination of service, is also not taxable. Company contribution to one's PF account, received after five year service is not taxable. When it is received before completion of 5 years, it is taxable income. Own subscription to PF received after closure of PF account is not taxable, irrespective of number of years of service.
From India, Pune
• Leave Travel Allowance (LTA) :
Taxability Information: Presently the Income Tax rules that govern the non-taxability of LTA are as Follows:
1) LTA will be treated as non-taxable only twice in a block of four calendar years (current block 2010 to 2013).
2) All travel must be within India
3) The employee must travel themselves at some part of the journey during the travel by the family
o Amount: Full round-trip cost of the chosen mode of transportation for eligible parties traveling (shortest route to the destination must be taken)
o Eligible Population: All employees, their spouses, and up to two of their children. Also, any parents or siblings of the employee who are wholly or mainly dependent on the employee him/herself for support and maintenance.
o Qualifying expenses: Valid for domestic travel, two times every 4 calendar years. Employees may claim the travel cost for self, spouse, and dependent children when availing this benefit, but all eligible family membe
From India, Bangalore
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FORM-F-NOMINATI ON OF GRATUITY.pdf
Gratuity Form I.doc