Hi Frnds,
Hope u r all fine..............
Frnda, I have one query..
Can we add LTA in our monthly payroll or it's only payable at annyal basis?????????/
Waiting for your inputs on this..
Thanks,
From India, Mumbai
3Hope u r all fine..............
Frnda, I have one query..
Can we add LTA in our monthly payroll or it's only payable at annyal basis?????????/
Waiting for your inputs on this..
Thanks,
From India, Mumbai
Dear Friend,
In my organization we used to pay LTA once in a annum, but from this financial year we are paying LTA thro per month salary.
The issue for LTA is totally depends on whether LTA amount comes within bracket of income tax or not, since in my organization it is considered as payment coming within the bracket, we started paying them in monthly salary also as to increase net pay.
Hope it will solve your query.
Regards,
Shailendra
From India, Pune
In my organization we used to pay LTA once in a annum, but from this financial year we are paying LTA thro per month salary.
The issue for LTA is totally depends on whether LTA amount comes within bracket of income tax or not, since in my organization it is considered as payment coming within the bracket, we started paying them in monthly salary also as to increase net pay.
Hope it will solve your query.
Regards,
Shailendra
From India, Pune
Dear Soma,
LTA is to be paid as laid down in the Statutes like Factories Act, if covered.
Now, if the income is taxable the LTA can be claimed twice in a block of four years and on submission of document the amount reimbursed is non taxable to the limit fixed. Any other payment under LTA is same as any other allowance and is fully taxable.
So, monthly payment of LTA is not advisable for salaried persons falling within the tax bracket.
Regards,
SC
From India, Thane
LTA is to be paid as laid down in the Statutes like Factories Act, if covered.
Now, if the income is taxable the LTA can be claimed twice in a block of four years and on submission of document the amount reimbursed is non taxable to the limit fixed. Any other payment under LTA is same as any other allowance and is fully taxable.
So, monthly payment of LTA is not advisable for salaried persons falling within the tax bracket.
Regards,
SC
From India, Thane
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LTA (REDIFF).doc
HR Monthly Report.xls