Table of Contents
What is LFC allowance?
Leave Fare Concession (LFC) is the benefit provided to permanent employees of banks to travel with their family to any place in India or their place of domicile. An employee can also travel by own car to claim reimbursement under LFC. For this purpose, Road Mileage is fixed at Rs. 8 KM.
What is LFC in RBI Grade B?
Leave Fare Concession Travel (LFC): This can be availed once in two years, by the employee and his dependents to go anywhere in the world.
What is LFC RBI?
Leave Fare Concession Travel (LFC): One of the best perks of RBI is LFC Travel allowance. Once in two years for self, spouse and eligible dependents.
What is inhand salary of RBI Grade B?
| RBI Grade B Salary | |
|---|---|
| RBI Grade B Officer Salary (Basic Pay) | Rs. 35,150 |
| Pay Scale | 35150-1750 (9)-50900-EB-1750 (2)-54400-2000 (4)-62400 |
| Initial Monthly Gross Emoluments | Rs. 823254 (approx) |
Is LTC taxable?
Many Salaried employees get Leave Travel Concession (LTC) from their Employers which is exempt to the extent it is actually spent on travelling. LTC which could not be spent is taxable in the hands of employee.
What is HTC and LTC?
HTC is the acronym for High Temperature Conditions and LTC is the acronym for Low Temperature Conditions. HTC is geared to testing panel performance at higher temperature levels, while LTC aims at testing solar panels at low temperatures.
Can LTC be claimed in return?
Travel restrictions imposed across the country due to the Covid-19 pandemic made the government announce the LTC Cash Voucher scheme in October 2020. As per chartered accountants, the Income-tax Act, 1961 is silent on whether the tax-exemption on LTC Cash Voucher Scheme can be claimed at the time of filing ITR.
Can I take 2 LTC a year?
(ii) Two LTC in a calendar year is permissible. If the Hometown LTC of the period 2014-15 is availed in grace period in 2016, in the same year, Any Place in India LTC or Home Town LTC of the two year block of 2016-17 can be availed.
Who can avail LTC?
Any employee with one year of continuous service on the date of journey performed by him/his family is eligible. Employees whose spouses are working in Indian Railways/National Airlines are not eligible for LTC.
Is there any tax on LFC encashment amount?
There is a provision of Income Tax on LFC encashment amount. The amount received by the employees on surrendering and encashing privilege leave during service under LFC should be added to the total income and tax should be deducted at source. However, Privilege Leave so encashed should not exceed 10 months in the total service of the employee.
How many times can LTC be claimed in a year?
Usually LTC can be availed twice in a block of a four calendar years. Current block of years will be as below. 2014-2017 (From 1st January 2014 to 31st December 2017). As said above you can claim only twice in a block of 4 years period. If you claimed twice in a block then the remaining concession will be taxable income as per your slab.
Why LTC is not the same as financial year?
Because LTC will be considered on yearly base starting from 1st January of a year to 31st Decemeber of a year ending. It is not same like Financial Year (1st April to 31st March). Usually LTC can be availed twice in a block of a four calendar years. Current block of years will be as below.
Can LFC officer claim fare beyond his native place?
No claim beyond Native Place : An Officer availing LFC to his native place should necessarily touch his native place and is not entitled to claim any fare for the places visited beyond his native place. However, he/she can visit places beyond his native places also, provided he/she does not touch his/her native place more than once.