What is Leave Travel Allowance? Exemptions and Conditions of LTA
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Leave travel allowance is an allowance paid by employer to employee for the purpose of traveling within India. The major benefit of Leave Travel Allowances ( LTA ) is that they are exempt from tax. In this article we are going to discuss in detail what is LTA actually, benefits it provides, exemptions provided and conditions that need to be fulfilled for getting Leave Travel Allowances.
Leave Travel Allowance is a common term used among the salaried employee population of India. It is widely used by the employees for claiming eligible exemption as per the provisions under the Income Tax Act, 1961. In this article, Leave Travel Allowance has been explained at a glance.
What is Leave Travel Allowance?
Amount exempt under Leave Travel Allowance-
In case of travel by |
Amount of exemption |
Air |
Lesser of economic air fare by the shortest route or actual amount spent. |
Rail or any other mode to a place connected by rail |
Lesser of First class AC fare by the shortest route or the actual amount spent. |
Other places not connected by rail |
If a recognised public transport exists: amount not exceeding rate of first class or deluxe as the case may be. |
If a recognised public transport does not exists an amount equal to first class AC fare of railways for the distance of the journey by the shortest route. |
Other conditions-
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