journeys performed in a block of four calendar years. The current block runs from 2010 to 2013. If the exemption is not availed by an employee during such block, it can be availed in the first calendar year after the four-year block. As per the proposed Direct Taxes Code, LTC may not be available. But there is a popular demand to restore this beneficial provision.
Employees who are planning a vacation with family should look into the above and claim this concession appropriately. Only genuine travel expenditure for travel in India should be claimed to avoid any unnecessary questioning from the tax officer later.
The author is a director in KPMG. The views expressed are personal