What is lta?
Leave Travel allowance or LTA is an allowance you get from your employer when you are on leave from work and actually travel. A businessman or self-employed person cannot pay himself LTA. At times it is also called as Leave Travel Concession or LTC.
Hie Jaggu, **Meaning of Leave Travel Allowance (LTA) :-** 1. Leave Travel allowance or LTA is an allowance you get from your employer when you are on leave from work and actually travel. A businessman or self-employed person cannot pay himself LTA. At times it is also called as Leave Travel Concession or LTC. 2. It saves some tax for you. Let us say your annual Salary is Rs. 8,00,000 and it includes a Rs. 25,000 LTA component. After all your deductions like House Rent, Medical bills, Section 80C Tax Savings etc., your Taxable Income is Rs. 6,25,000. If you claim LTA in that year then your taxable income will come down to 6,00,000. So the LTA component of your salary becomes tax free.
Leave travel allowance (LTA) is a common form of tax exemption given to the employees by most employers. Though it is quite simple, it often brings about a lot of questions among those claiming exemption on it. 1. When can we claim LTA? Tax exemption on LTA can only be claimed if you have applied for leave from your company for travel and if you actual make a journey. 2. What does LTA cover? LTA covers only the cost of travel for the trip. Hotel accommodation, food, etc. cannot be claimed for exemption
**LTA MEANING** Hi, LTA is Leave Travel Allowance. It is an exemption provided to the employees of the company. Allowance which is given when employee is on leave and travelling. It is also called as Leave Travel Concession. To get the benefit of LTA employee can travel alone or with family Family includes spouse children and for (parents and siblings if they are dependent on you ) If only family is travelling and not the employee LTA cannot be claimed . Thanks