LTA – Overview :
Key Points about LTA :
•Leave Travel Allowance is applicable for salaried employee.
•LTA is only applicable if you have applied through your company / organization.
•You must have traveled within India, International Travel is not valid.
•Only Travel Cost is allowed.
•To Claim LTA, you have to submit the Travel Ticket. (Air, Train, Public Transport Ticket)
•LTA Covers travel to you and your family. (Family includes, you, your parents, dependent on you, spouse and children)
•LTA will be eligible for shortest route to your destination.
•You will be taxed on your salary, if you not utilized your LTA.
My company deducted tax from LTA, (I have failed to submit the proof),. Now what is the procedure to get back that tax ?
Claim through Income Tax Return , you will get Refund.
What are the eligible criteria to claim LTA ?
You have to take leave from your company, and you should travel
I and my wife can claim LTA simultaneously?
No, both will not be eligible to claim for the same journey.