Hi, Plz Help
I have traveled on February 2010.
Could you please clarify in which year of block (2006-2009 or 2010-2013) I should claim this LTA?
If it is 2006-2009 then does it means my bills would be invalid for 2010-2013 block?
From India, Gurgaon
I have traveled on February 2010.
Could you please clarify in which year of block (2006-2009 or 2010-2013) I should claim this LTA?
If it is 2006-2009 then does it means my bills would be invalid for 2010-2013 block?
From India, Gurgaon
QUERRY
If a person has annual eligibility of LTA as 20000. He caryys forward his first year's 20000 to next year and then claims thsi 40000 LTA. will this 40000 entirely be non taxable suppose he holds it for 4 years then claims it once which is equal to 80000 then weather this 80000 is exempted or only 20000+20000 = 40000 is exempted
From India, Pune
If a person has annual eligibility of LTA as 20000. He caryys forward his first year's 20000 to next year and then claims thsi 40000 LTA. will this 40000 entirely be non taxable suppose he holds it for 4 years then claims it once which is equal to 80000 then weather this 80000 is exempted or only 20000+20000 = 40000 is exempted
From India, Pune
Dear Sir I have complete my 3 years service in company the it mean i will applicable for LTA??what is the formula of LTA calculation???? pls explain me
From India, Nasik
From India, Nasik
LTA claim amount can be carried forward without TDS. Lets say employee get 100 Rs LTA every year. First year he does not avail and the second year he actually spent 200 Rs. so in second year, whether he will get a tax deduction of 200 or 100? the previous year's unclaimed 100 Rs could have been carried forward to second year? or Company had to deduct TDS in first year due to no claim of LTA. How accumulated amount get carried over?
Hi,
Tax Exemption for LTA Reimbursement ( subject to submission of proper Travel bills as per IT rules) should be given to the employee in the year in which LTA reimbursement is claimed by the employee.
Employee have the option of claiming LTA either Taxable or non taxable.
For a particular year if LTA is claimed by the employee as taxable then LTA amount will be released and LTA amount will be subjected to tax ( which means LTA payment will be considered as taxable income for that year)
However if the employee didn't claimed the LTA for year then it will be carry forwarded to next year and in the subsequent year if the employee claim for LTA reimbursement by providing proper travel bills then whole exemption should be given for that year only.
LTA exemption can be claimed only for two journeys in a block of 4 years
Hope the above is clear
From India, Madras
941Tax Exemption for LTA Reimbursement ( subject to submission of proper Travel bills as per IT rules) should be given to the employee in the year in which LTA reimbursement is claimed by the employee.
Employee have the option of claiming LTA either Taxable or non taxable.
For a particular year if LTA is claimed by the employee as taxable then LTA amount will be released and LTA amount will be subjected to tax ( which means LTA payment will be considered as taxable income for that year)
However if the employee didn't claimed the LTA for year then it will be carry forwarded to next year and in the subsequent year if the employee claim for LTA reimbursement by providing proper travel bills then whole exemption should be given for that year only.
LTA exemption can be claimed only for two journeys in a block of 4 years
Hope the above is clear
From India, Madras
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Calculate Your Age.xls
Guidelines to Calculate the Net Worth of Human Capital.pdf