Can LTC be claimed while filing ITR?

As per chartered accountants, the Income-tax Act, 1961 is silent on whether the tax-exemption on LTC Cash Voucher Scheme can be claimed at the time of filing ITR. To enable such individuals to claim their LTC/LTA amount as tax-exempt, the government launched the LTC Cash Voucher scheme.

What happens if I don’t declare tax?

For non filing of your ITR, the tax department can levy penalty a minimum penalty equal to 50\% of the tax which would have been avoided by you, in addition to the liability to pay the interest till the date you ultimately file your ITR after receiving notices from tax department.

What happens if you don’t declare investments?

But if you did not submit your investment declaration form, your monthly salary slip can throw you off. If you missed your investment declaration deadline, your employer would have over-calculated your tax liability and deduct the excess tax due from your salary for the following month.

Is it mandatory to take leave for LTA?

LTA Eligibility an employer decides whether a certain amount can be allocated for LTA. To be eligible for the LTA, the employee should take leave and travel, the LTA is provided for travel within India where it is a round-trip with or without family members.

How long can you go without filing a tax return?

File Your Missing Returns There’s no time limit for submitting a previously unfiled return. However, if you’d like to claim your refund, you have up to 3 years from the due date of the return. It may be a good idea to speak with an experienced tax attorney or CPA before amending or filing old returns.

How do you declare investment while filing returns?

Use Form 8949 to list the investments sold and the amount of profit or loss incurred on each. The form has separate sections for long-term investments — owned for longer than one year — and short-term holdings. The totals from Form 8949 go on Schedule D, Capital Gains and Losses.