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PRE EMI
Computation &
Co-Applicanant
declaration
Provisions of Income Tax Act / Rules as applicable for a block of 4 years commencing from 1st January 2014
Employees can claim the LTA exemption for any of the 2 journeys performed during the block of 4 year starti
Exemption is available for travel within India only provide employee avails five working days (excluding week
Employees can claim the LTA exemption for self, spouse, children and dependent parents, brothers and siste
LTA exemption is available in respect of the shortest route and where the journey is performed by a circuitou
The exemption is limited to actual expenses incurred on the journey and is strictly limited to expenses on airf
expenses during the journey and lodging / boarding expenses, driver's night charges, sight seeing will qualify
The quantum of expense will be limited to the actual expense incurred on the journey. Without performing an
In addition to the above general limitation, the quantum of exemption will also be subject to the following max
Mode of travel
Where journey is performed by air
Where journey is performed by rail
Where the places of origin of journey and
destination are connected by rail and
journey is performed by any other mode
of transport
Where the places of origin of journey and
destination (or part there of) are not
connected by rail:
Where a recognized public transport
exists
Where no recognized public transport
system exists
9
a.
b.
c.
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Note: The above provisions is as per Income Tax Act currently in force. Any change in the t
guideline only.
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Subject : Income Tax Act / Rules applicable to LTA (Section 10(5) & Rule 2(B))
as applicable for a block of 4 years commencing from 1st January 2014 to 31st December 2017
tion for any of the 2 journeys performed during the block of 4 year starting from the calendar year 1st January 2014
n India only provide employee avails five working days (excluding weekends, public holidays and holidays notified by the Company).
tion for self, spouse, children and dependent parents, brothers and sisters who are wholly or mainly dependent on the assessee.
of the shortest route and where the journey is performed by a circuitous route, the exemption is limited to what is admissible by the sho
penses incurred on the journey and is strictly limited to expenses on airfare, rail fare or bus fare only. No other expenditure like scooter
ging / boarding expenses, driver's night charges, sight seeing will qualify for exemption
ed to the actual expense incurred on the journey. Without performing any journey or incurring any expense thereon, no exemption will b
ation, the quantum of exemption will also be subject to the following maximum limit, depending upon the mode of transport used or avai
Amount of exemption
Amount of air economy fare of the national carrier by the shortest route or the
amount spent, whichever is less
Amount of air-conditioned first class rail fare by the shortest route or amount spent,
whichever is less
Amount of air-conditioned first class rail fare by the shortest route or the amount
spent, whichever is less
First class or deluxe class fare by the shortest route or the amount spent, whichever
is less
Air-conditioned first class rail fare by the shortest route (as if the journey has been
performed by rail) or the amount actually spent, whichever is less
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% of fare
50% of fare
10% of fare
n.a.
as per Income Tax Act currently in force. Any change in the tax law will entail revision of the above. The above sh
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January 2014
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