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LTA is that part of the salary which is included in the CTC, but it is also governed by the Income TAx Rules. As per income TAx rules an employee can claim LTA twice in the Block of Four year, which will be non taxable, if an employee claim LTA third time than it is taxable, means under the IT rules claim of LTA for 2 or less than 2 is non taxable, but if it is claim for more than 2 times than LTA Claim is taxable. For eg. if an employee claim LTA three times in the block of 4 Years, than 2 are non taxable and 1 is taxable.
From India, Delhi
From India, Delhi
hi i have doubt in LTA one of our employee is going to resign in the month of DEC Whether we can claim for LTA Please reply me
From India, Hyderabad
From India, Hyderabad
Dear Hari,
Your question is not clear. The employee is resigning and going and you want to recover the LTA. That means he has already taken the LTA in advance for the year. And you want to recover that. Am I right. ????
If yes than you can recover the same from the full & final settlement of the employee.
From India, Delhi
Your question is not clear. The employee is resigning and going and you want to recover the LTA. That means he has already taken the LTA in advance for the year. And you want to recover that. Am I right. ????
If yes than you can recover the same from the full & final settlement of the employee.
From India, Delhi
Hi,
I was working in a company (Pvt. Sector bank) as Manager from May 2007 to Mar 2008 where they had mentioned that LTA is applicable to a confirmed employee only after completion of one year of service.
I have left the said company in March 2008, however, the company says that LTA can be claimed only after 1 year. I Joined the company on May 9 2007 and was on probation till Nov 2007 and after that I was confirmed. I left the job in March 2008. They have not given it as part of full and final settlement saying that it can be claimed only if a person has worked for more than 1 year.
The following was my salary structure in the previous organisation where the LTA was also included in my Annual CTC. I have also attached a file stating the salary.
Monthly Salary
Type of Salary Per Month
Basic Salary 14670, Conveyance 800, HRA 8500, Medical Reimbursement 1250, Other Allowance 7560, Sodexho Meal Coupons 910, Provident Fund 1760,
Leave Travel Allowance
Monthly Salary 35450,
Annual Salary
Type of Salary Per Annum
Basic Salary 176040, Conveyance 9600, HRA 102000, Medical Reimbursement 15000, Other Allowance 90720, Sodexho Meal Coupons 10920, Provident Fund 21120, Leave Travel Allowance 14670,
Annual CTC 440070
My appointment/offer letter of my company stated the following w.r.t LTA.
You are entitled to claim LTA only after completion of one year of service in the company.
Can you confirm whether I can claim LTA from them and if they inform that I am not eligible, how should I proceed further in the matter to claim LTA.
Thanks & Regards
Srinivas Mani
09833418230
Email :shrinivasmani@yahoo.com
From India, Mumbai
I was working in a company (Pvt. Sector bank) as Manager from May 2007 to Mar 2008 where they had mentioned that LTA is applicable to a confirmed employee only after completion of one year of service.
I have left the said company in March 2008, however, the company says that LTA can be claimed only after 1 year. I Joined the company on May 9 2007 and was on probation till Nov 2007 and after that I was confirmed. I left the job in March 2008. They have not given it as part of full and final settlement saying that it can be claimed only if a person has worked for more than 1 year.
The following was my salary structure in the previous organisation where the LTA was also included in my Annual CTC. I have also attached a file stating the salary.
Monthly Salary
Type of Salary Per Month
Basic Salary 14670, Conveyance 800, HRA 8500, Medical Reimbursement 1250, Other Allowance 7560, Sodexho Meal Coupons 910, Provident Fund 1760,
Leave Travel Allowance
Monthly Salary 35450,
Annual Salary
Type of Salary Per Annum
Basic Salary 176040, Conveyance 9600, HRA 102000, Medical Reimbursement 15000, Other Allowance 90720, Sodexho Meal Coupons 10920, Provident Fund 21120, Leave Travel Allowance 14670,
Annual CTC 440070
My appointment/offer letter of my company stated the following w.r.t LTA.
You are entitled to claim LTA only after completion of one year of service in the company.
Can you confirm whether I can claim LTA from them and if they inform that I am not eligible, how should I proceed further in the matter to claim LTA.
Thanks & Regards
Srinivas Mani
09833418230
Email :shrinivasmani@yahoo.com
From India, Mumbai
Hi Rajeev, thanks I know that but my question is - As per new policy, we will paid LTA amount to all the employees in thier March salary irrespective of thier date of joining. In the policy document, there are no clarity on LTA claims received during between of the financial year means If any employee has received his lta amount (taxable) till march in his march salary now he wants to submit his claims in oct then how we will treat such claims? 1) We will process thier lta claims and give them tax benefit but will be paid only in March. 2) We will received all such claims during the year but we will give them tax benefit along with lta payout in march when lta will be disbursed. 3)any other option.
Waiting for the reply.
Thanks & Rgds//Sunil K
From India, New Delhi
Waiting for the reply.
Thanks & Rgds//Sunil K
From India, New Delhi
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