Claiming Leave Travel Allowance while filing ITR
4 weeks ago
I receive around 15k annually as an LTA component in my salary from my organization.
Now, as per organization's policy this amount can only be claimed for travel taken during a consecutive 3 days leave period.
In my case, I had taken leave of 3 days but it was not consecutive as there were 2 national holidays in between those leaves. So, naturally this makes me ineligible for claiming the exemption and the organization wouldn't approve my claim.
What I want to know is if I were to claim this exemption directly while filling ITR, Could that be done? "Does this 3 consecutive days leave criteria of LTA applies in the ITR filing as well?"
A.Dear Client,
If you claim the exemption for Leave Travel Allowance (LTA) in your Income Tax Return (ITR) without actually availing it, it could be considered income tax evasion. If your ITR is scrutinized by the Income Tax Department, you may face legal consequences, including penalties. It is advisable to consult with a Chartered Accountant (CA) or Income Tax practitioner for clarification and guidance on the matter before filing your ITR to ensure compliance with tax regulations.
If you claim the exemption for Leave Travel Allowance (LTA) in your Income Tax Return (ITR) without actually availing it, it could be considered income tax evasion. If your ITR is scrutinized by the Income Tax Department, you may face legal consequences, including penalties. It is advisable to consult with a Chartered Accountant (CA) or Income Tax practitioner for clarification and guidance on the matter before filing your ITR to ensure compliance with tax regulations.
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A.Dear Client,
Without availing LTA if you claim its exemption in the ITR, it may be considered evasion of income tax once your ITR attracts scrutiny by the Income Tax Department and you may face legal consequences including penalties. Better, consult with a CA or Income Tax practitioner for more clarification and guidance on the subject before filing ITR.
Without availing LTA if you claim its exemption in the ITR, it may be considered evasion of income tax once your ITR attracts scrutiny by the Income Tax Department and you may face legal consequences including penalties. Better, consult with a CA or Income Tax practitioner for more clarification and guidance on the subject before filing ITR.
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