Hi, I have 1 lac as LTA to claim. Not planning to go anywhere. Any one can give idea please how to claim this ? Thanks a lot cheers
3
Dear Mr. Kumar,
Basically, LTA is given so that the employee & his family can just relax a bit for few days. However, if you do not want to go anywhere and so does your family, you may adopt the following procedure, as told by one of my friends:
a) Take Train tickets (A/C or Non A/C will depend on your grade in present company as per the HR Policy) for any location in India (longer distance is better as the train tickets cost will be higher).
b) Take photo-copies of the same and preserve them with you.
c) Cancel the original train tickets etc and get the refund from Railway.
d) However, you will have to go on leave for those many number of days. For the simple reason, that you cannot get LTA and Leave Encashment (for that period) together. Because this will be like Double Taxation system.
e) So far as hotel bookings etc are concerned, that may not be an issue at all.
I personally have never done this, nor do I intend to do all this. You are requested to think about this & only then go ahead.
Regards,
Shaunak Marulkar
Jr. Manager - HR & Administration
From India, Mumbai
Basically, LTA is given so that the employee & his family can just relax a bit for few days. However, if you do not want to go anywhere and so does your family, you may adopt the following procedure, as told by one of my friends:
a) Take Train tickets (A/C or Non A/C will depend on your grade in present company as per the HR Policy) for any location in India (longer distance is better as the train tickets cost will be higher).
b) Take photo-copies of the same and preserve them with you.
c) Cancel the original train tickets etc and get the refund from Railway.
d) However, you will have to go on leave for those many number of days. For the simple reason, that you cannot get LTA and Leave Encashment (for that period) together. Because this will be like Double Taxation system.
e) So far as hotel bookings etc are concerned, that may not be an issue at all.
I personally have never done this, nor do I intend to do all this. You are requested to think about this & only then go ahead.
Regards,
Shaunak Marulkar
Jr. Manager - HR & Administration
From India, Mumbai
Thanks a lot for your time and for suggestion.
Basically, we went on holidays two months and looking at the air tickets, I cannot claim more than 10,000 . I.e. rest of the 90,000/- will be taxable unless hence thinking of how to claim this amount.
What are the type of expenses i can claim under LTA ? e.g. Hotel stay, taxi fare, food bills etc.. ?
Thanks for your help!
Basically, we went on holidays two months and looking at the air tickets, I cannot claim more than 10,000 . I.e. rest of the 90,000/- will be taxable unless hence thinking of how to claim this amount.
What are the type of expenses i can claim under LTA ? e.g. Hotel stay, taxi fare, food bills etc.. ?
Thanks for your help!
Dear Kumar,
As Shaunak has mentioned LTA is basically for relaxation of Employee and his family and secondly its a tax saving component to be claimed every alternate years. (2 claims in a slab of 4 years)
To claim such a high amount you first have to check your Hr policy if air fare is permitted
Since your based at Bangalore you can speak to some travel agent and inform them about LTA claiming. They will mange to book air tickets of far destination for eg. from bangalore to delhi which would cost around 15000/- to 18000/- return trip per person
Secondly you can then ask them for some taxi bill which they have tie up with.
Take a copy of the tickets and original bill from the travel agent and submit it to the company and meanwhile tell the agent to cancel the ticket. You may have to bear the ticket cancellation charges only.
Well... there are few people who mange this but the safer method is always to show your actual bills coz in very rare cases Income Tax scrutinizes LTA details and if they do the the employee will face the problem and have to bear the tax + interest + penalty.
Best Regards,
Tina
From India, Mumbai
As Shaunak has mentioned LTA is basically for relaxation of Employee and his family and secondly its a tax saving component to be claimed every alternate years. (2 claims in a slab of 4 years)
To claim such a high amount you first have to check your Hr policy if air fare is permitted
Since your based at Bangalore you can speak to some travel agent and inform them about LTA claiming. They will mange to book air tickets of far destination for eg. from bangalore to delhi which would cost around 15000/- to 18000/- return trip per person
Secondly you can then ask them for some taxi bill which they have tie up with.
Take a copy of the tickets and original bill from the travel agent and submit it to the company and meanwhile tell the agent to cancel the ticket. You may have to bear the ticket cancellation charges only.
Well... there are few people who mange this but the safer method is always to show your actual bills coz in very rare cases Income Tax scrutinizes LTA details and if they do the the employee will face the problem and have to bear the tax + interest + penalty.
Best Regards,
Tina
From India, Mumbai
LTA is taxable if claimed and not spent since it is an income.
claim LTA SPEND for travelling min 4 days leave is required to be taken you get rebate only to the extent of amount spent for travelling by Railway or air (Domestic), after producing the proofs
travell should match with leave period.
gcgore
From India, Pune
claim LTA SPEND for travelling min 4 days leave is required to be taken you get rebate only to the extent of amount spent for travelling by Railway or air (Domestic), after producing the proofs
travell should match with leave period.
gcgore
From India, Pune
I suggest better you do not get into any illegal acts and invite problem any time in future from your employer or Income Tax Deptt. We had demoted a number of persons, stopped increments for claiming fake LTA. In case some good friends of yours, informs IT Deptt., you may face serious problem. It is better either you enjoy the holidays and claim LTA or pay tax. Think over it.
Regards,
Shiv Kumar
From India, Gurgaon
Regards,
Shiv Kumar
From India, Gurgaon
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
LTA -Claim.pdf
Now you dont need proof to claim LTA.doc
LTA Claim Register.xls