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What is Leave Travel Allowance (LTA)? Leave Travel Allowance/Leave Travel Concession is a type of allowance given by an employer to their employee for travelling to any place in India: either on leave, after retirement or after the termination of his service.
Jun 6, 2024 · Discover the ins and outs of Leave Travel Allowance (LTA) with our comprehensive guide on claiming, rules, exemptions, and eligibility. Learn how to optimize tax benefits while understanding the criteria for claiming, applicable regulations, tax exemption.
Leave Travel Allowance or LTA is a type of allowance given to the employee by employers for travel. It covers within-country travel costs when he/she is on leave from work. Section 10 (5) of the Income Tax Act, 1961 with Rule 2B ensures the exemption of tax and also details the conditions subject to tax exemption.
Jul 1, 2021 · What is LTA? LTA stands for leave travel allowance. This allowance is provided by the employer to cover the travel expenses of the employee when he is gone for a holiday trip. Leave Travel Concession is another name of LTA. This allowance is exempt from the tax under section 10 (5), Income Tax Act, 1961. LTA Exemption Rule-
Jan 23, 2023 · Leave Travel Allowance (LTA) is a type of allowance which is provided by the employer to his employee who is travelling on leave from the work to cover his travel expenses. LTA is an important component of the salary of the employee as it is eligible for income tax exemption as per the Income Tax Act, 1961. Under Section 10 (5) of the Income ...
Apr 17, 2024 · Leave Travel Allowance or LTA, a component in your salary, helps offset travel expenses incurred during your vacation. The benefit extends to family – covering travel costs for your spouse and dependent children, and family members.
LTA pays travel expenditures for family members, including parents, siblings, spouses, and children, if you travelled with them on those occasions. Leave Travel Allowance is given by an employer to an employee for a holiday or a vacation. Learn how to claim LTA, benefits and exemptions.
