My employer denied LTC claim during final submission in last month as I’ve not opted for LTA during FY start. Can we claim LTC during tax return filing? Thanks

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Is it beneficial? Spending 3 times the LTA amount on 12%+ GST items may not be that simple.
🙏🏻 @Akansha_B for this valuable info
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mrCoder wrote:My employer denied LTC claim during final submission in last month as I’ve not opted for LTA during FY start. Can we claim LTC during tax return filing? Thanks
No! You cannot claim LTA while e-filing on ClearTax https://www.desidime.com/stores/cl...ax or using any other software. Leave Travel Allowance LTA is an allowance that your employer can give you. It cannot be claimed in the tax return directly.
GShan wrote:Is it beneficial? Spending 3 times the LTA amount on 12%+ GST items may not be that simple.
Every electronic you buy from amazon comes under 12% GST or higher
As you submit investment proofs this year, don’t forget to claim maximum LTC & save taxes. This year, Govt has given some special concessions, & you must take benefits of those!
The government came up with LTC to promote domestic tourism. If you take a domestic holiday, you get some tax benefits.
Now because of Covid pandemic, most of the people couldn’t travel. So Govt. gave one more option.
Govt wanted people to spend/ buy more as the economy was at a pause. So Govt said: If you purchase anything with 12% or more GST on it, you can claim it under LTC!
As long as you bought something with 12% or more GST & paid by debit/ credit card or UPI, you can claim it under LTC.
Such purchases can be anything: books, clothes, electronics, Netflix subscriptions- anything that has 12% or more GST & bought between 12th October to 31st March.
If you bought goods of 1 Lacs, you could claim 33% of it( 33K). If you are in 30% tax bracket, you get ~10K tax benefit on 33K. So for your purchases,
job4ram wrote:As you submit investment proofs this year, don’t forget to claim maximum LTC & save taxes. This year, Govt has given some special concessions, & you must take benefits of those!
The government came up with LTC to promote domestic tourism. If you take a domestic holiday, you get some tax benefits.
Now because of Covid pandemic, most of the people couldn’t travel. So Govt. gave one more option.
Govt wanted people to spend/ buy more as the economy was at a pause. So Govt said: If you purchase anything with 12% or more GST on it, you can claim it under LTC!
As long as you bought something with 12% or more GST & paid by debit/ credit card or UPI, you can claim it under LTC.
Such purchases can be anything: books, clothes, electronics, Netflix subscriptions- anything that has 12% or more GST & bought between 12th October to 31st March.
If you bought goods of 1 Lacs, you could claim 33% of it( 33K). If you are in 30% tax bracket, you get ~10K tax benefit on 33K. So for your purchases,
Whatsapp forward
InvestPotato wrote:Every electronic you buy from amazon comes under 12% GST or higher
Still it will be very difficult…
Basically if you r in 30% bracket u will save 9% of 12% tax paid. 6% if you r in 20% bracket
Tax is a fine for doing well and Fine is a tax for doing wrong. Whether you do right things or wrong thing, you gonna end up shelling Money Outta your pocket. 🐒🐒🐒
