RE: [aurangabad_ca] Advice on LTA
LTA is tax exempt U/s 10(5) to the extent eligibility stated in this section, twice in a block of four years. The earlier block was 2006-2009 and latest being 2010-2014. Following are the further information that you need
a. The claimant employee has to be on leave during this period of travel.
b. Travel can be any-where in India, by Air, Train or Road
c. The persons traveling shall be the employee, his/her spouse, children and dependent parents, brothers, sisters if any traveling.
d. Amount of deduction is restricted to only the Ticket expenditure and no other expense like conveyance, Lodging, Boarding etc.
e. In case of Air Fare, the fare equivalent to Indian Airlines fare (least cost?)
f. If through train, than the First Class AC fare or if the places of start and end journey are not connected by train, than the fare equivalent to first class or deluxe class fare of public transport.
g. There is a Supreme Court Decision in the case of Larsen and Toubro which states that it is not obligatory on the employer to collect and verify the evidence of the expenditure actually incurred by the employee on such travel however it is advised that in addition to declaration, such evidence is also collected, though the employer may not “investigate” into this expenditure.
Harish Lalwani
From: aurangabad_ca@
Sent: Wednesday, March 31, 2010 7:21 PM
To: aurangabad_ca@
Subject: [aurangabad_
| Dear All Can u give me your comments on following points Is ther any criteria to claim LTA benefit uner Itax like taking Earn Leave, he shoule travel within india, with dependent, mode of transport Is employer is liable to collect LTA supporting from employee under ITax rules Warm Regards Shivaji |
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