Fintech startup Zeta is offering smart employee benefits for tax saving under its Optima brand has announced the launch of the first fully digital Leave Travel Allowance (LTA) solution.
Known as the Optima LTA Card, this solution will help organisations manage employees’ leave travel allowance claims or reimbursements digitally and enable employees to submit claims instantly.
Optima LTA Card is built on Zeta’s digital platform that is uniquely designed to process LTA claims the paperless way. Employees are now empowered to submit their travel claims digitally and thereby avoid extensive paperwork. It is more simple and seamless for both organisations and employees.
This proves to be a significant leap towards rapid digitization a move staunchly supported by the Indian Government. Moreover, Optima LTA Card is compliant with all legal mandates set by the Income Tax Department.
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Zeta team at the back-end tracks the shortest distance between two destinations using a government-approved database and thereby enable accurate assessment.
Organisations need not collect and verify paper bills manually since all verifications will be handled by Zeta Optima at the back end. By adopting the Optima LTA Card, Human Resource professionals don’t need to worry about complex paperwork and procedures to handle LTA.
Moreover, this solution enables digital storage of bills over a period of seven years and employers can track LTA bills and employee claims online at any given point of time. Employees could also enjoy absolute freedom from paperwork, and conveniently avail significant tax benefits.
“Optima LTA Card reinforces our commitment to make tax-saving solutions easily accessible for all. As our country is moving to a digital era, the digitized LTA solution is a good alternative to the otherwise process-plagued tax benefit solutions and is easy to manage for organisations and for employees to avail,” said co-founder and CEO Zeta, Bhavin Turakhia.
“We leverage a compliant database of a government carrier to verify all travel-related information including ideal routes, fares and so on. This ensures compliance to government mandates. Our state-of-the-art verification process of travel documents includes a thorough check by advanced bots to identify bill duplication if any; thereby, enabling a security-rich LTA claims process. The digitized solution will make it very easy for both employers and employees to keep a track of LTA claims,” said co-founder and CTO Zeta, Ramki Gaddipati.