[vsrivatsa]

Folks, I spoke to a CA in detail on this. He recommended that I try to claim the LTA when I file for Income Tax and give a shot. Since the company only allowed only a small amount, they would have anyway paid more tax. So essentially we file the return and ask for a Income Tax Refund. So the CA says its a hit or miss but you can take a chance. Either they will agree for IT Refund or reject it - nothing to lose from our side since Tax is already paid for.

Also, given the COVID-19 surge can we expect a similar LTC Voucher Scheme this year also? Currently the Flexi Allocation has been opened up in my company and I want to add a good amount for LTA this year to use for the LTC Voucher if the scheme is provided again. What are the chances of this scheme being provided again ? - would like to hear from the others here...

[vnabhi]

Originally Posted by Weathered

The below article says you can claim the rebate when filing IT returns.

https://www.livemint.com/money/perso...298940982.html

I am planning to reach out to a CA this month for filing my IT returns. I always used to do it myself for the past 2 decades. The reason for this new approach is to find out how to claim exemption for 1.44 lakhs for the Ecosport I bought on March 11th.This apart, I have started trading in shares in the last FY, and am not quite familiar with how those gains or losses should be entered. And what ITR should be used.

I have the original invoice. My employer refused to consider it as the last date of Feb end had passed, and advised me to claim it while filing my returns.

I am still waiting for my Form 16, so i cannot start the process till then. This apart, I still need to wait for my Form 26AS to show the TCS deducted, so that i can carry out an adjustment.

Curious to know if anyone has started claiming the refund while filing their returns.

[vnabhi]

Originally Posted by vnabhi

I am planning to reach out to a CA this month for filing my IT returns.

I am still waiting for my Form 16, so i cannot start the process till then. This apart, I still need to wait for my Form 26AS to show the TCS deducted, so that i can carry out an adjustment.

Curious to know if anyone has started claiming the refund while filing their returns.

I could finally get to see the TCS deducted in my Form 26AS. Now the only item pending is the Form 16 from the employer.

Meantime, asking once again if anyone has claimed refund under LTA scheme for a new car bought between October and March 31st 2021. I am specifically asking regarding those cases where it was too late for the employer to accommodate the docs related to the purchase for tax concession.

[vnabhi]

Originally Posted by vnabhi

Meantime, asking once again if anyone has claimed refund under LTA scheme for a new car bought between October and March 31st 2021. I am specifically asking regarding those cases where it was too late for the employer to accommodate the docs related to the purchase for tax concession.

Bumping up the question again. Anyone filed for a refund under LTC scheme?

[libranof1987]

Originally Posted by vnabhi

Bumping up the question again. Anyone filed for a refund under LTC scheme?

There was/still is some issue/confusion with the portal; our CA said he'll file the return only next month once everything is clear. But he said he'll try to claim for a refund.

[vnabhi]

Originally Posted by libranof1987

There was/still is some issue/confusion with the portal; our CA said he'll file the return only next month once everything is clear. But he said he'll try to claim for a refund.

Thanks, please update this thread. I have also reached out to a CA on this topic today, and he said he needs time to research into it, as this is a rare, one-time concession that was not given before.

I vaguely remember reading online that one needs to reduce one's taxable income by 1.44 lakhs (36k per dependent), as there is no place in the ITR for such type of a concession. Not sure though. Only time will tell.

[vnabhi]

My CA finally filed my returns today. He used ITR-3 because I had some income through shares.

I normally file on my own, but had to reach out to a CA only because of the below:-

1. How to claim LTC for the car that I had bought in March 2021.

2. How to claim refund of TCS deducted for the car at the time of purchase.

3. How to set off long-term capital losses and account for short-term capital gains.


He could fill up the form online and submit it. I got an OTP and the return was eVerified.
But I am not able to download the filed return to check what columns he has filled up and where he has shown the LTA amount for a refund.

He says the new website is full of glithces, and this is one that he discovered today. Hopefully I should be able to download it in the coming days. Per him there is a column in all ITRs where one can indicate LTA/LTC amount, if the employer has not accounted for it.

Let me see how things pan out, and if I will get the refund.

[libranof1987]

Originally Posted by vnabhi

Thanks, please update this thread.

My CA processed my return earlier this week and has claimed LTC for a qualifying (non-travel) purchase. He should be filing it in the coming days. I submitted the following to him:

- Receipts of the purchase that mention the GST component
- Proof of payment by digital means (NEFT / Credit Card)
- Screenshot of my company's policy document that lists eligibility of ALL associates for Rs. ABC of LTC / year
- Screenshot of my Flexible Benefit Plan that show that I had not declared any amount under LTC

[vnabhi]

I could finally manage to download the ITR3 that my CA filed 3 weeks ago. The darned hitch in the new income tax portal took quite some time to fix.

I could see from page 20 that he has included the LTC amount of around 1.44 lakhs in the 3.81 lakhs that were indicated as exempt allowances. Unfortunately, the form now only shows the total of allowances like LTC, HRA etc, and not the break-up. Apparently a drop down was available at the time of filing, but now only the total is shown.

Screenshot attached.

LTC ITR3.docx

[fiat_tarun]

I could not submit proof in time to claim 'in lieu LTA' through my employer, so have claimed it while filing my returns. In ITR1, there is a specific column for LTA where this amount can be entered.

Hopefully it goes through smoothly and there are no surprises.

[sandeepskarobar]

Any Idea if the scheme gets into this financial year as well ?

I googled and did not find any update and most of the news refer to previous financial year.

[abhi_tjet]

I filed the ITR on my own last month and entered the eligible amount for deemed LTC on the basis of my Street Triple purchase.
I wasn’t able to claim the deduction via my organisation portal since information wasn’t circulated properly .

There was no section to provide proof of purchase though. I still went ahead and entered the details. I was prepared to submit the proof when query will be raised on account of mismatch between my form-16 and details entered by me.

To my surprise(pleasant), I got the refund amount credited in my account just a week after my ITR filing.

Lets hope they don’t demand the money back from me later

[fiat_tarun]

Originally Posted by fiat_tarun

I could not submit proof in time to claim 'in lieu LTA' through my employer, so have claimed it while filing my returns. In ITR1, there is a specific column for LTA where this amount can be entered.

Hopefully it goes through smoothly and there are no surprises.

Claimed 'in-lieu LTA' successfully and got my refund as well.

[mustangvins]

Originally Posted by abhi_tjet

I filed the ITR on my own last month and entered the eligible amount for deemed LTC on the basis of my Street Triple purchase.

What dropdown option did you choose for entering this in the portal? Is it LTA Exemption or something else? Can we claim the full 1.44 lakhs or should this be limited to the LTA Eligibility mentioned in Form 16? For example, if Form 16 mentions LTA in salary breakup as 1 lakh but i have incurred 10 lakhs expenditure, can i claim the full 1.44 lakhs in this case or would it be limited to 1lakh?

Originally Posted by fiat_tarun

Claimed 'in-lieu LTA' successfully and got my refund as well.

Is there any option called 'in-lieu LTA' for claiming deemed LTC?

[abhi_tjet]

Originally Posted by mustangvins

What dropdown option did you choose for entering this in the portal?

There is a text box which can be filled with the amount for LTC. Regarding amount, check as per your organisation announcement, you can claim it for yourself and your dependents. Add it up accordingly.