Dear All,
Please Explain me about Leave Travel Allowance (LTA) .
I have following query:
1 Whether LTA is Paid Yearly or Monthly?
2. How We can show LTA in Salary Slip?
3. Is it Compulsory to give LTA to confirmed Employees or its depend on company policies.
4. Is there any law for Leave Travel Allowance Except Income Tax Act 1961
5. Please Share Leave Travel Allowance policies.
From India, Vadodara
4Please Explain me about Leave Travel Allowance (LTA) .
I have following query:
1 Whether LTA is Paid Yearly or Monthly?
2. How We can show LTA in Salary Slip?
3. Is it Compulsory to give LTA to confirmed Employees or its depend on company policies.
4. Is there any law for Leave Travel Allowance Except Income Tax Act 1961
5. Please Share Leave Travel Allowance policies.
From India, Vadodara
There is no statutory obligation to provide this facility to an employee .So it is entirely at the option of the company.therefore a company ha sto frame it's LTA policy. Nevertheless LTA is not some HRA or conveyance allowance to be granted every month. It is a Leave Travel Assistance/allowance - a facilty granted eiher once in a year or two years depending up on the company's policy.
B.Saikumar
Mumbai
From India, Mumbai
B.Saikumar
Mumbai
From India, Mumbai
Please See below link and inform me whether this discussion is right or wrong.
LTA is part of salary , and 10% of Basic , it is deducted from salary every month end of year you can claim on the basis of producing the tickets after taking minimum 4 days leave , if any one is not claim than it will go to companies accounts , which is benefit for company .
Attribution: https://www.citehr.com/1316-lta.html#ixzz1xZZrBa57
From India, Vadodara
LTA is part of salary , and 10% of Basic , it is deducted from salary every month end of year you can claim on the basis of producing the tickets after taking minimum 4 days leave , if any one is not claim than it will go to companies accounts , which is benefit for company .
Attribution: https://www.citehr.com/1316-lta.html#ixzz1xZZrBa57
From India, Vadodara
To my knowledge LTA is a facility provided by a comapny to reimburse an employee of the expenses incurred by him on production of bills during travel to a place in India for which he avails leave.Thus if it is the company that undertakes to reimburse the expenses of an employee and then how an employee is made to pay for his own expenses by deducting 10% of the basic pay. The second anamolous situation is that when the company deducts 10% of the employee's salary to meet LTA expenses, the amount so deducted is part of employee's salary only and then how the same amount is appropriated by company, if the LTA is not availed by the employee.It should go back to the employee. A company may show certain LTA amount as part of CTC but it cannot deduct it from the actual salary recived by an employee. A company may adopt a formula to determine the quantum of LTA amount.For example, a company may stipulate 10% of the basic as LTA to be admissible to an employee on production of bills once in a year/two years but how it can actually deduct 10% of basic of employee. Then the company is not only making the employee to pay for his own expenses and also has the audacity to show it as cost to company at the same time appropriating the whole amount to it's account, if unavailed by the employee.
Others'views are also invited.
B.saikumar
HR & labour Law Advisor
Mumbai
From India, Mumbai
Others'views are also invited.
B.saikumar
HR & labour Law Advisor
Mumbai
From India, Mumbai
If LTA is allowed only twice in four calendar year then how will be employee benefited through LTA as the deduction is made every year from his salary
From India, Mumbai
From India, Mumbai
Hi,
As per my salary Rs.57000 is LTA and I have traveled to Goa from Bangalore in a Car which cost me Rs.38000 including Daily Driver allowance.
I have taken 5 days leave in the month of December-2013, and forget to submit the Bills in the investment proofs this month (Jan-14). Can I Submit the bills related to LTA when i am doing Incometax return submission in the month of July-14?
Regards
Rajesh
From India, Mumbai
As per my salary Rs.57000 is LTA and I have traveled to Goa from Bangalore in a Car which cost me Rs.38000 including Daily Driver allowance.
I have taken 5 days leave in the month of December-2013, and forget to submit the Bills in the investment proofs this month (Jan-14). Can I Submit the bills related to LTA when i am doing Incometax return submission in the month of July-14?
Regards
Rajesh
From India, Mumbai
This subject has been discussed umpteen times in this forum. Use search option to know more about LTA.
LTA is meant for promoting domestic tourism. It is depending on the company policies. It is paid annually/bi-annual. Tax exemption is available for two times in a block year year of 4. The next block year is 2014 - 2017. No cap is framed. Shortest air/rail journey cost is considered for tax exemption. Self and dependents of the family are eligible to avail LTA journey cost.
Pon
From India, Lucknow
LTA is meant for promoting domestic tourism. It is depending on the company policies. It is paid annually/bi-annual. Tax exemption is available for two times in a block year year of 4. The next block year is 2014 - 2017. No cap is framed. Shortest air/rail journey cost is considered for tax exemption. Self and dependents of the family are eligible to avail LTA journey cost.
Pon
From India, Lucknow
Dear Sir/Mam,
I am working as a HR generalist with a startup and would like to know few things about LTA. In my company LTA is given as part of CTC and we are giving the same to the employees on a monthly basis after deducting the taxes. We have said that at the end of the financial year incase they provide the proof of travel then they can get the tax deducted. In many companies the LTA is given at the year end only. So kindly let me know if our company is following the correct practice.
Thanks & Regards-
Divi Singh
9717907198
From India, Delhi
I am working as a HR generalist with a startup and would like to know few things about LTA. In my company LTA is given as part of CTC and we are giving the same to the employees on a monthly basis after deducting the taxes. We have said that at the end of the financial year incase they provide the proof of travel then they can get the tax deducted. In many companies the LTA is given at the year end only. So kindly let me know if our company is following the correct practice.
Thanks & Regards-
Divi Singh
9717907198
From India, Delhi
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Leave Travel Allowance.doc
The Ins & Outs of Leave Travel Allowance.pdf