Lta Claim Slot
The e-AWB project aims to encouraging air cargo players to use the electronic Air Waybill, instead of its paper version. Claims must be submitted within 30 days of being diagnosed with COVID-19. To make a claim, driver and deliver-partners need to complete the claim form and attach a medical report confirming the diagnosis of COVID-19. Claims can be submitted to Chubb via email (a&hclaims.sg@chubb.com) or phone (+65 6299 0988). LTA Exemption is available for travel allowance given by the employer to the employee or his family. The exemption is claimed for two journeys in a block of four years. Presently, the block of 2014-2017 is going on. Income Tax Department makes these blocks.
Leave Travel Allowance
Leave Travel Allowance (LTA ) is one of best Tax saving tools available to employees.
As per the Rules, you can claim the LTA benefit only twice during the block of 4 years. For this purpose, following condition should be satisfied:
- You should be on leave.
- You should travel any where in India.
- During such travel you may have your family with you.
- LTA is part of your salary component.
Family includes spouse, children as well as dependent parents, brothers and sisters.
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In respect of children born on or after 1.10.98, the exemption will be restricted only to two surviving children unless the birth after one child has resulted in multiple births.
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The travel expense incurred by you is exempt up to the LTA received.
Obviously, if your wife and other family members travel, without you accompanying them, no LTA can be claimed.
FAQ on claiming LTA benefit and Income tax planning is answered below:
1. Can we Claim LTA Every Year? Sumit, Delhi
One of the most common questions about LTA is whether it can be claimed every year or not? The answer is Yes – you can claim LTA every year, but you will not be able to claim LTA exemption ever year.
Other Points About Tax On LTA
a) If you do not wish to claim LTA in one particular year you can have your employer carry forward your LTA for the next year.
2. Is entire cost of travel covered under LTA? Jaya , Bangalore
A The entire cost of the holiday is not covered. Only the travel costs are covered. So, whether you fly, hop on to a train or take public transport, you will have to show the ticket to claim your LTA. This means you will need to keep your air, rail or public transport ticket.
Also LTA benefit is limited to LTA given by your employer in your salary.
3. Can I claim LTA for my elder Brother? Ramesh , Amritsar
A LTA covers travel for yourself and your family. Family, in this case, includes yourself, parents, siblings dependent on you, spouse (even if your spouse is working) and children.
For children born after October 1, 1998, the exemption is restricted to only two surviving children (unless, of course, one birth has resulted in multiple children like twins and triplets).
If your family travels without you, no LTA can be claimed. You have to make the trip, either by yourself or, if claiming for your family, you should travel with them.
4. What is Concept of Block years for getting LTA benefit? Sunil, Pune
A LTA is not related to when you started your employment. The government fixes blocks of years. These blocks are not financial years (April 1 to March 31); they are calendar years (January 1 to December 31).
The current block is 2010-13 — January 2010 to December 2013.
During this time period, a person is entitled to two LTA claims.
5. I was not able to claim Leave in last block. Can I claim it now? Venkat, Kerala
A You can carry forward your LTA. One LTA can be brought forward and claimed in the first year of the next block.
Let’s say you do not take your LTA in 2006-09. Or that you use only one LTA. Don’t worry, you will be able to take the pending LTA in 2010. This means that, in the 2010-13 block, you will be totally entitled to the three journeys.
6. I am entitled for LTA of Rs 45000/- but I have made travel of Rs 25000 /-. How can I claim balance? Kamal, Gurgaon
A If your LTA is not utilised, it gets added to your salary and you will be taxed on it.
Rs 20000/- short utilised would be paid as normal part of your salary after deducting income tax as per your Income tax slab.
7. I have changed job and i was not able to claim LTA for last year? Can i do it now? Satish, Banglore
A If you switch jobs, you can get the LTA not only from your present organisation but also from your former employer, if the concession is lying unutilized.
For example: in the 2006-09 block, you claimed LTA in 2007. In 2008, you switched jobs. You can still claim your second journey with your new employer. Of course, your new employer will ask to look at your earlier tax returns to see whether it has been claimed or not.
8. I performed journey by plane. Will I get LTA benefit? Puneet, Mumbai
A In case of journey performed by air, then you can get the LTA benefit for :Economy Air fair of National carrier by the shortest route or the amount spent which ever is less.
9. I performed journey by first Class Rail . Will I get LTA benefit? Amit, Mumbai
A In case of journey performed by rail, then you can get the LTA benefit for : A.C. first class rail fare by shortest route or amount spent which ever is less.
10. What if Place of origin and destination place of journey connected by rail but journey performed by other mode of transport.. Will I get LTA benefit? Amit, Mumbai
A Amount exempted for LTA will be – A.C. first class rail fare by shortest route or amount spent which ever is less.
11. Can a holiday package be claimed for LTA exemption? Rahul, Gurgaon
A Holiday package can be claimed for LTA exemption.
LTA exemption can be claimed only for travel – if your holiday package included hotel and sightseeing (which it normally does) – you won’t be able to take an exemption for that.
Also, LTA exemption can be availed for family – ie your spouse, dependent children, dependent brothers or sisters only, so if you have taken a holiday with your extended family or children who are no longer dependent on you, then you can’t claim LTA exemption on that part of the expense.
12. Can both husband and wife claim LTA exemption ? Manish, Ahmedabad
A If you and your wife both get LTA – both of you can’t claim exemption for the same travel but you can avail LTA benefit for different travel.
So effectively between the two of you, you can claim exemptions four times in four years.
Leave Travel Assistance (LTA) has got a tax treatment which is quite different from all the other type of allowances and perquisites that you get. And that’s the primary reason it is the one that gets people confused more often than not.
The following points need to be kept in mind while taking the LTA or producing bills for it to get LTA Exemption:
Can We Claim LTA Every Year?
One of the most common questions about LTA is whether it can be claimed every year or not? The answer is Yes – you can claim LTA every year, but you will not be able to claim LTA exemption ever year.
Other Points About Tax On LTA
- If you do not wish to claim LTA in one particular year you can have your employer carry forward your LTA for the next year.
- For getting LTA tax exempt you will have to produce bills, but you can’t get your LTA exempt every year.
- You can get your LTA exempt twice in a block of four years. Right now the block that is relevant is 2006-2009. This block is decided by the Government so does not have a bearing on when you start your job and also these blocks are calendar years and not financial years.
- The bills can be air, rail or even a private rental company however the exemption is only for domestic travel so an international ticket won’t do.
- The bills have to be for a journey that has been undertaken when you are on leave and should be for you and your family that is spouse, children and dependant parents, brothers and sisters. Its obvious that your family can’t claim the exemption if you have not accompanied them.
- If you and your wife both get LTA – both of you can’t claim exemption for the same travel but you can avail exemption independently for different travels. So effectively between the two of you, you can claim exemptions four times in four years.
- If for some reason you fail to claim LTA exemption in the bucket of four years – you still have the option to claim exemption in the first year of the next block.
- Only travel bills can be used for LTA exemption, so a hotel bill can’t be produced for claiming LTA exemption even though you might have stayed in the hotel during your leave.
- The maximum LTA for the purposes of LTA tax exemption is Rs.20,000 so normally most organizations design the salary structure in such a manner that they don’t give the employees more than Rs. 20000 as LTA.
- In terms of proof for air travel – although there is no fixed rule as such, it might be a good idea to preserve the boarding pass along with the ticket to make sure there are no problems in claiming LTA exemption later on.
- LTA can only be claimed for the shortest distance between two places. So if you are planning to travel from Goa to Mumbai then you will be allowed exemption on tickets from Goa to Mumbai and back. You will not be allowed to produce tickets that are via some other place like Mumbai to Hyderabad and then from Hyderabad to Goa and so forth.
- LTA can only be claimed on tickets or rented private vehicles, you cannot show petrol or diesel vehicles for your own vehicles and then claim exemption on it.
The above are just some of the points that need to be kept in mind while discussing LTA exemptions. Because tax rules keep changing it is best to discuss with a professional before taking any decision.
We encourage you to ask questions related to LTA or any other tax or financial matter, and we would try our best to provide a solution to it.
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