Zeta, a Fintech startup 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/ reimbursements digitally and enable employees to submit claims instantly.
The company claims that tracking and managing LTA claims will now need 90% less time and resources.
Here’re five things you need to know about it:
1. Submit travel claims digitally
Optima LTA Card is built on Zeta’s digital platform that is 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 digitisation–a move staunchly supported by the government,” said Bhavin Turakhia, co-founder and CEO, Zeta.
2. Product compliant with legal mandates
According to Bhavin, Optima LTA Card is the first-of-its-kind product compliant with all legal mandates set by the Income Tax Department. Zeta system at the back-end ensures an accurate assessment by taking care of all the checks – whether it be calculating the shortest distance between locations or computing fares of national carriers from approved databases.
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3. No need to collect and verify paper bills manually
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.
4. Enables digital storage of bills over seven years
This solution enables digital storage of bills over a period of seven years. 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.
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5. User gets informed about the documents needed to upload
Based on the user’s travel itinerary, Zeta informs the user of the documents that they would be required to upload, based on the guidelines set by the Income Tax Department, to be able to claim LTA. This makes it very easy for a user to claim LTA without the need for him to be aware about the intricacies of the IT guidelines on LTA.