BENGALURU: India’s popular fintech startup led by serial entrepreneur Bhavin Turakhia, Zeta has launched its first fully digital Leave Travel Allowance (LTA) solution. Zeta is known for its services in offering smart employee benefits for tax saving under its Optima brand.
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.
Optima LTA Card is built on Zeta’s digital platform that is designed to process LTA claims the paperless way. With this new solution, employees can submit their travel claims digitally and thereby avoid extensive paperwork.
This, according to Zeta, proves to be a significant leap towards rapid digitisation–a move staunchly supported by the Indian Government. Moreover, Optima LTA Card is compliant with all legal mandates set by the Income Tax Department. 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 verification 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.
Zeta Co-founder and CEO Bhavin Turakhia said, “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 digitised 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.”
During the launch of the Optima LTA Card, Zeta Co-founder and CTO Ramki Gaddipati said, “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 digitised solution will make it very easy for both employers and employees to keep a track of LTA claims.”