6 questions on LTA Claim

POSTED BY TURAB ON December 26, 2013 11:06 am COMMENTS (3)

Hi,

Last financial year (2012-2013) I received LTA (amount Rs. 18,000) without submitting any proofs directly in my salary, I came to know that it was non-taxable.

I have few queries regarding LTA and its claiming procedure:-

1. Now, this financial year (2013-2014) I would like to claim my LTA. I have taken 5 days leave and will be travelling out of Bombay.

2. I would like to know what all proofs do I have to submit for LTA Claim this FY (2013-14)?

3. If I only submit proofs up to 10,000/- then what happens ?

4. Is Air/ Rail/Bus tickets, hotel accommodation bills, tourist – rent car bill, paid taxi bill are eligible for LTA claim proof or it depends on my Company Policy?

5. Incase, if I do not submit any proofs will I still receive my LTA (as an added income which will be taxable), or NOT ?

6. Can I carry forward my LTA claim to next financial year, if yes – HOW?

Regards,
Turab Hirani

3 replies on this article “6 questions on LTA Claim”

  1. ashalanshu says:

    Dear Turab, let me try to answer your queries.

    1. Now, this financial year (2013-2014) I would like to claim my LTA. I have taken 5 days leave and will be travelling out of Bombay.
    OK.

    2. I would like to know what all proofs do I have to submit for LTA Claim this FY (2013-14)?
    Tickets or payment receipts for Taxi, Car, Bus, Train.

    3. If I only submit proofs up to 10,000/- then what happens ?
    Beyond the proof amount, the remaining LTA amount ‘ll be added as taxable income and you w’d have to pay tax on it as per your slab rate.

    4. Is Air/ Rail/Bus tickets, hotel accommodation bills, tourist – rent car bill, paid taxi bill are eligible for LTA claim proof or it depends on my Company Policy?
    Only travel expenses are covered (Bus, CAr, Taxi, Train). Hotel accomodation or eating etc expenses are not covered.

    5. Incase, if I do not submit any proofs will I still receive my LTA (as an added income which will be taxable), or NOT ?
    In this case, it ‘ll be LTE- Leave Travel Encashment and some employers do not provide at all.

    Thanks

    Ashal

  2. Basavareddy says:

    Hi Turab.

    LTA is taxable income. Proofs to cliam and Clubbing of two years is depends on ur company ruels. In most of the company Proof of travel is only traintikets/airticket/ bus ticket for execemption of tax.

    Its better to get clarification from HR Dept of your company. They will guide you in detail about LTA.

    Regards,

    Basavareddy.

  3. Jha says:

    Dear Mr Turab
    Pl. note that the LTA amount received by you in excess of your valid proofs, is Taxable as per your income slabs.

    I think as per latest Govt policy, no carry forward of LTA is allowed.
    Regards, Jha

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