15 June 2012
Dear Sir, I wish to clarify a doubt regarding LTA Exemption. i.e. Suppose an employee has not perform total journey(two times) in the first block of four years(let 2006-09). Now(2010-13) whether he can enjoy the LTA Exemption including which are not availed in the first Block of 4 Years? i.e. it it possible to perform the journey & avail LTA four times in this block?
16 June 2012
Exemption is available in respect of 2 journeys performed in a block of 4 calendar years.
If the employee has not availed LTC during any of the specified four-year block periods on one of the two permitted occassions (or on both occassions), exemption can be claimed in the first calendar year of the next block, but in respect of only 1 journey. This is called "carry over concession".
16 June 2012
Exemption is available in respect of 2 journeys performed in a block of 4 calendar years.
If the employee has not availed LTC during any of the specified four-year block periods on one of the two permitted occassions (or on both occassions), exemption can be claimed in the first calendar year of the next block, but in respect of only 1 journey. This is called "carry over concession".
CAclubindia
