Full Form of LTC

LTC is a popular acronym which is used in our everyday life. But a lot of people do not know the full form of LTC. We have listed all the popular full forms of LTC below:

List of Full Forms of LTC

AbbreviationFull Forms/ Long Form/ DefinitionCategory
LTCLeave Travel ConcessionGovernment Policies

1) LTC: Leave Travel Concession

The first popular full form of LTC is Leave Travel Concession. It is a type of allowance that is given to government employees in India. LTC in India is also known as LTA which stands for Leave Travel Allowance. LTC allows the employees to travel for leave at the cost of the government. There are certain rules and regulations which have been laid down by the Income Tax Department in reference to claiming the LTC.

Conditions/Rules for Claiming LTC

  • LTC can only be claimed by the employees if they have actually traveled for leave. If the employees have not actually traveled for leave then it is against the rules to claim LTC.
  • Domestic Travel is considered valid for LTC. If the employee travels internationally then he/she cannot claim LTC for the same.
  • LTC can only be claimed for the employee and his immediate family members. The immediate family members of the employee include his spouse, children, dependent parents, and brother sisters.
  • LTC can only be claimed for 2 vacations every block years.

Process of Claiming LTC

The process of claiming LTC is employer-specific. Every employer has set his own process to LTC. Some employers also require the employee to submit the proof of travel in the form of travel tickets, boarding passes, etc. The employee should submit the required proofs of travel and LTC form to the employer before the announced deadline.

2) LTC: Litecoin

Another popular full form of LTC is Litecoin. It is based on the peer to peer networking and does not have any centralized authority in control. It is a cryptocurrency that was officially launched on 7 October 2011. The current circulating supply of Litecoin is 62,424,175. The total supply limit for Litecoin is 84,000,000. The official website of Litecoin is https://litecoin.org/

Litecoin uses the scrypt hashing algorithm and aims to process a block every 2.5 minutes as compared to 10 minutes of the bitcoin. This allows the Litecoin network to confirm transactions much faster than the Bitcoin network. The current market capitalization of Litecoin is $3,876,274,221 USD and the current prevailing price is 60.40 USD.

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