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Peculiar Query regarding LTA of Pay slip

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Mohanfromblr
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Peculiar Query regarding LTA of Pay slip

Post by Mohanfromblr » Fri Sep 19, 2008 6:05 am

Hi Guys,
I have worked for a company (XYZ) from 01,July,2006 till 31,Oct,2007.
I claimed previous earnings from 01,Aug,2007 till 31,July,2008.
So earnings from 01,Aug,2007 till 31,Oct,2007 from company XYZ are part of my previous earnings submitted for Tier-1 Visa.
I have one very peculiar problem here.
For that Company XYZ, the LTA amount per Annum is Rs.18,000/- (as described in Salary Structure). That means I am eligible for claiming Rs.1500/- per month subject to submission of LTA Bills.
I submitted LTA Bills (only once) for claiming in Aug,2007 for Rs.31,500/-. (Rs.1500 * 21 Months = Rs.31,500/-). I got Rs.31,500/- as expected.
My intention was to claim complete LTA I was eligible (the period 01,July,2006 till 31,March,2008) assuming that I would work for that company till end of FY 07-08. But things turned different & I resigned from that Company and joined another from 01,Nov,2008.
So what should be there in my Final Settlement Form? Obviously a deduction of Rs.7,500/- (Rs.1500 * 5 months) which is the excess amount I have claimed should be reflected. To my surprise, there is nothing like that happened.
I have read some where in Company Policies & IT Dept. related Web sites something related to LTA.But could not understand. Can you guys throw some light on it?
My concern of course is that the final settlement letter submitted to BHC will be valid or not, in case they dig deep into my salary structure & Pay slips. On the other hand, since Company itself has given signed & sealed pay slips & LTA is a valid component, I anticipate no trouble.
Remember I got more than what I would be eligible for as declared in Salary Structure.
Some Commerce students & people with Income Tax background, please can you explain?

Thanks In Advance
Mohan Rao

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