What is Leave Travel Allowance(LTA)? | LTA Explained
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- Опубліковано 13 лип 2024
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Have you ever wondered what Leave Travel Allowance (LTA) is and how it works? In this informative video, we'll dive deep into the world of LTA to help you understand its purpose, benefits, and how you can make the most of it.
Leave Travel Allowance (LTA) is a significant perk offered by many employers, allowing you to claim tax exemptions on your travel expenses. We'll break down the key aspects of LTA, including what it covers, who is eligible, and the rules and regulations surrounding it.
Whether you're a salaried individual, a business owner, or just someone interested in tax-saving opportunities, this video will provide you with essential insights into LTA. We'll also share tips and strategies to optimize your LTA benefits and minimize your tax liabilities.
Don't miss out on this chance to harness the power of Leave Travel Allowance and improve your financial well-being. If you found this video helpful, please like, subscribe, and share it with others looking to maximize their LTA benefits.
00:00 Start
00:57 What is Leave Travel Allowance?
01:34 Eligibility of LTA
02:26 Conditions for Claiming LTA
05:55 Limits for Claiming LTA
07:51 Calculation of Tax Exemption
08:55 Process to claim LTA Exemption
10:46 FAQs
#LTA #LeaveTravelAllowance #TaxExemption #FinancialEducation #TaxSavings #LTAExplained
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🎯 Key Takeaways for quick navigation:
00:00 🎵 Introduction to Leave Travel Allowance (LTA)
- Definition of Leave Travel Allowance (LTA).
- Overview of the topics to be discussed in the video, including eligibility, conditions, and calculations related to LTA.
00:59 📜 Eligibility for LTA
- Explanation of who can claim LTA.
- Conditions for claiming LTA, such as the requirement to file income tax returns in the old tax regime and the need to apply for leave before traveling.
02:27 🛂 Conditions for Claiming LTA
- Detailed conditions for claiming LTA, including actual travel in India, expenses for the employee and their family, approved modes of travel, and the limitation to travel expenses.
04:48 💰 LTA Exemption Limits
- Discussion of the limits and restrictions on LTA exemptions, including specific limits for different modes of travel and the impact of the block year concept.
06:14 🚄 Amount of Exemption
- Explanation of how the amount of exemption is determined based on the actual expenses and the LTA provided by the employer.
08:20 📋 Process to Claim LTA
- Steps to claim LTA, including checking company policies, keeping records of travel expenses, and submitting proofs to the employer for tax deduction.
10:24 🤔 Frequently Asked Questions
- Addressing common questions related to LTA, such as international travel, non-utilization of LTA in the four-year block, and family travel exemptions.
12:24 💡 Conclusion and Encouragement
- Encouragement to restructure salary components to include LTA and maximize tax savings through LTA exemptions.
Was really looking for an explanation for this. Thank you!
Thanks for sharing the details 🙏
this is amazing recording. Yadnya.
LTA my company provides 1 lak per year. But if I travel in flight within India with my family max I could spend in travel is not crossing 50-60k. Govt collects 5% GST on air ticket. When people travel they book hotels which is 12-18%. Govt will not loose money if they give LTA. Govt should allow multiple travels which would boost tourism and economy.
Thank you
Thnxx bhai 😊
Nice detailed video... Just had one question.. suppose I travel to a remote place with my own car .. what proof can I submit?
Are there any number of leaves i need to apply consecutively??
For block of 22 to 25, how old employee has to be for company to claim the LTA
hi i have a question
me and my do job at the same pvt limited firm , but in this case i m in new tax slab and she is in old slab. we go for tour and tickets paid by my credit card . can i show as a exp in her account in firm?
I had travelled in month of mar-24 and may-24. Can i eligible to claim for both?
Can I claim LTA if I am not travelling but my family does? and I booked and paid the amount
One travel means only one ticket or both to and fro both the tickets.
If I am travelling via road in my car, what documents I need to claim LTA?
One journey includes return journey?
Family Me kitne member allowed hai
Leave travel allowance and travelling allowance are same?
Sir agar mene ltc avail nahi kiya h 4 years tak or aage bhi nahi karna h to uske badle me kiya milega..Means any benefits..
Good Video Brother. 1 Question:
"LTA exemption allowed only up to 2 journeys in the block of 4 years"
Is it 2 round trips or just 1 round trip when we talk about 2 journeys in block of 4 years? Assume I travel to my hometown Delhi with my family from Pune, where I work.
Let's look at the block year period 2022-2025: Assume I left Pune on December 1, 2022, went to Delhi, and arrived back in Pune on December 30, 2022.
Will this round-trip count as 1 Journey or two?
If Im travelling with family in rented car, what documents I need to claim lta
Please reply?
I want to travel to Uttarakhand from Bangalore by train but I will be getting down and seeing sites for a week...there will be 6 train tickets..how to claim these?
Mai central govt employee hu PSU hamare yaha 4 years me ek hi baar travel allowance dete h ghoomne ke liye and aap kahi ghoomne nahi jaa rahe ho or apne hometown jaa rahe to tab aap 2 times travel allowance le sakte ho
I travelled by bus from Delhi to Jammu and then by air to Kashmir and vice versa.....am i eligible to claim full LTA or only till Jammu by bus.
Traveling cost pura milega ya....us cost pe sirf tax exemption milega ?
In block year, for example 2022 to 2025 . If a person Ram is eligible for LTA 30000/- as per his CTC of his company. He has not taken LTA money for Frist year for 2022. In second year 2023 he can claim 60000/-(2022 of 30k and 2023 of 30k) with submitting bills for 60000/- is it possible?
In that block years he will claim bills only twice but clubbing two years LTA money
This travel means only one travel??
Rule 2B not explained. second proviso of 10(5) not explained.
I had travel in my own car. Can I claim my LTA
No sir you cannot claim LTA
The cost which would have incurred if you had travelled in first class fare of such recognise mode of transport by shortest route can be availed as exemption
Keep your title in Hindi then you region people watch
I have join the company in June 2023 and my provision period is of 6 month and my provision completed in January 2024.
I want to know that could I still get the LTA from company as it is one of the component of my salary.