Take note! Claiming LTA is set to get complex from this year
The salaried class are
likely to come under more scrutiny from employers this year. And, all perks
like LTA, house rent allowance and interest paid on home loans will come under
this heightened scrutiny. The government has made employers responsible for
verifying whether the claims filed are according to the law. Earlier, companies
went only by self-declaration of employees.
The regulations were
changed to counter the Supreme Court’s ruling that employers are under no
statutory obligation to collect bills and details to prove the employees have
utilised the amounts obtained against claims on travel and related expenses,
according to experts. They say the proofs required to claim a deduction could
be more stringent now. Employees will also need to submit claims using a
prescribed form (12BB).
While most other
deductions are straightforward and well-defined, LTA regulations can get
complex, depending on how you reached the destination and with whom you
travelled.
·
Single claim for multiple flights
·
Only for public transport
·
Fellow travellers matter
·
Carry over, if not claimed
Source | Business Standard
| 16 January 2017
Regards
Pralhad
Jadhav
Senior
Manager @ Library
Khaitan & Co
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