Dear All Experts,
Recently, I joined a new organization where I have been provided with the LTA facility, which is credited to everybody's account during the time of Durga Puja, our main festival. However, according to the company's personnel norms, everyone receives LTA after confirmation.
Inquiry about LTA Calculation and Legal Basis
I would like to inquire about the following:
1. "What are the actual calculation norms for LTA in a private limited organization?"
2. "According to laws, why does a company pay LTA to its employees?"
I am eagerly awaiting your response.
Regards,
Pratap Kar
Kolkata
From India, Calcutta
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2Recently, I joined a new organization where I have been provided with the LTA facility, which is credited to everybody's account during the time of Durga Puja, our main festival. However, according to the company's personnel norms, everyone receives LTA after confirmation.
Inquiry about LTA Calculation and Legal Basis
I would like to inquire about the following:
1. "What are the actual calculation norms for LTA in a private limited organization?"
2. "According to laws, why does a company pay LTA to its employees?"
I am eagerly awaiting your response.
Regards,
Pratap Kar
Kolkata
From India, Calcutta
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LTA is to encourage tourism and govt has exempted the travel exp (tkts only) from income tax (twice in a block of 4 yrs). LTA travel tkts exemption can be claimed for self & dependents. Pon
From India, Lucknow
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From India, Lucknow
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1. No norms for LTA. It is companies discretion. 2. No law stipulate for LTA but tax exemption available as per I.T. rules. Hope it is clear. Pon
From India, Lucknow
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From India, Lucknow
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Dear friends, We agree with Mr. PON. Norms of LTA differ from Company to Company and are the part of Welfare policy of the Companies. As regards to tax, IT Rules are applicable. Regards. IK Arora
From India, Delhi
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From India, Delhi
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OK, as per both of your opinions, please clarify one thing:
LTA Calculation in Private Limited Organizations
Suppose a Private Limited Organization informs its employees at the time of joining that the company will release LTA to all employees during festivals along with a bonus. However, it is not mandatory for employees to undertake the journey or submit fare tickets. So, could you please explain how the company calculates the LTA amount for an employee?
I look forward to your reply.
Regards,
Pratap Kolkata
From India, Calcutta
Acknowledge(0)Amend(0)
LTA Calculation in Private Limited Organizations
Suppose a Private Limited Organization informs its employees at the time of joining that the company will release LTA to all employees during festivals along with a bonus. However, it is not mandatory for employees to undertake the journey or submit fare tickets. So, could you please explain how the company calculates the LTA amount for an employee?
I look forward to your reply.
Regards,
Pratap Kolkata
From India, Calcutta
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