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LTA cash voucher deduction for private employess

296 views 2 replies

Hi 

I am working in private IT firm. I have not opted for LTA as a flexi salary component. I am in discussion with my employer to add this in my salary structure. I guess it can be done

I recently purchased two term insurance policies from ICICI PRUD & HDFC Life. The yearly premium which I paid is approximately 165000/-. Now I want to take this amount for my LTA cash voucher deduction. According to my calculation deduction I could get is 55220/-. 

I am not sure how can claim this deduction. Since in our organization. investment declaration & proof submission process is already over. Now I am not sure I can claim this deduction though I am checking with employer

My point is if my employer did not allow this deduction then can I claim it separately while filling ITR ?

Since LTA is not opted as of now & suppose employer do not allow to add it further then still can I claim it in ITR ? 

 

 

Replies (2)
Yes, You can but you should have supporting document available with you i.r.o any deduction claimed by you in your return.

Thank you sir. I have term insurance premium paid receipts. Premium paid through Net banking in the month of Jan 21. So I am assuming I should get 1/3 deduction of total premium paid.

We have 4 members in family & I have LTA eligibility of Rs. 200000 PA.  I paid insurance of Rs. 165660/-  so I could get deduction of Rs. 55220/-.

My employer responded that they are evaluating New LTA amendments. So I am not sure whether LTA should be chosen as a part of salary  which I have not. So whether I can claim LTA in this case or not


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