How do I claim LTC exemption?

Conditions for the LTC cash voucher scheme d) Individual was required to -collect the invoice having GST number of the seller and GST amount paid. These invoices were to be submitted to the employer to claim the benefit. Individuals were allowed to submit the invoices in their family member’s name.

What all bills can be claimed in LTC?

To avail of the benefit under this scheme, employees are required to submit bills for purchases made between 12 October and 31 March. The amount required to be spent is equivalent to three 3 times the deemed LTC fare. Bills of goods and services with GST of ₹12\% or above can be claimed under the scheme.

Can LTA be claimed without bills?

LTA is an allowance on which tax exemption has to be claimed. In case an employee has failed to submit the necessary bills to the employer, it seems difficult to claim the tax exemption under this scheme while filing the tax return, as there is no express guidance from the Government in such a situation.”

How do I claim my LTC special package?

To claim the benefit under the scheme, an individual is required to fulfil the following conditions: i) Spend three times the amount of deemed LTC fare on the purchase of goods/services attracting GST of 12\% or more; ii) Purchases must be made during the period between October 12, 2020 and March 31, 2021.

How do I claim LTC 2020?

What happens if you don’t claim LTA?

If the employee has not claimed LTA in the last running block or just claimed it for once, he can still claim one additional LTA in the next block of calendar years under the carry over concession rules under which the employee can claim LTA tax-breaks on 3 journeys made in the current block of years.

What is LTC special package?

The Special Cash Package Scheme in lieu of one LTC is to compensate and incentivize consumption by Government Employees and the benefits can be availed up to 31.03. 2021. 2020 provides for advance to Government employees in lieu of LTC fare and Leave encashment.

Can we avail LTC in 2021?

An official may avail LTC for 2021 in 2021 provided the same has not been foregone in lieu of the benefits of the said scheme.