LTA PPT

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Pranjal Sneha Hema Rohan Joshi Shradha Chourasia

Introduction To LTA:

Leave Travel Allowance (LTA) is basically defined as the cost of travel granted to employees to travel anywhere in India, while on leave from work. The amount of exemption depends upon the mode of travel, and it is allowed only towards the travel fare, and not for boarding and lodging. Introduction To LTA

Purpose:

To provide an opportunity to the employees and their families to visit a place of their choice for vacation within India and compensate expenses incurred towards cost of travel, up to a maximum Leave Travel Allowance (LTA), which forms a part of their salary. Purpose LTA

Eligibility:

LTA can be claimed only if journey is made in India. This policy is applicable to permanent employees and above cadre who have opted for LTA as part of their salary and their families. The word “family” shall include, ( i ) spouse and children* (ii) dependent parents and (iii) brothers and sisters who are wholly dependent on the employee. Eligibility

10 Must know About LTA:

1. LTA can be claimed only if you have actually travelled. 2 The entire cost of the holiday is not covered. 3.All travel related bills has to be submitted as proof. 4. LTA covers travel for yourself and your family 5. LTA is not related to when you started your employment. 10 Must know About LTA

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6. LTA can be claimed for 2 journey in a block of 4 years. 7. You can carry forward your LTA. 8. If you switch jobs, you can get the LTA not only from your present organization but also from your former employer, if the concession is lying unutilized 9. You must take the shortest route to your destination to be eligible for LTA. 10. If your LTA is not utilized, it gets added to your salary and you will be taxed on it .

Exemption:

It comes under Income Tax Act Section 10(5). As per Income Tax rules of India, if transport bills for LTA are not provided, the amount will be taxed. Exemption

Procedure for availing LTA:

Leave request should be applied 15 days in advance. Leave should be for minimum 3 days. LTA claim form should be submitted within 1 week of resume the duty. All supporting proof like ticket should be provided with the claim form, if not its will be taxable. Family members are allowed to take this advantage but its taxable. Procedure for availing LTA

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