Guidelines

Will LTC cash voucher scheme extended?

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Will LTC cash voucher scheme extended?

Deadline for submission of bills or claims for benefits under the LTC Special Cash package scheme has yet again been extended. However, the payment for the purchases should have been made from the date of issue of the LTC Cash Voucher Scheme Order dated October 12, 2020, till March 31, 2021.

What is new LTC scheme for central government employees?

The LTC Cash Voucher scheme was announced by the Finance Minister Nirmala Sitharaman in October 2020 to boost consumer demand and to provide tax benefit to individuals who are unable to claim the usual LTC tax benefit due to covid-related travel restrictions.

What is LTC cash voucher scheme with example?

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The LTC cash voucher scheme is a new initiative by the Indian Government to incentivise consumption. In this scheme, the employees will receive an equivalent sum of their eligible LTC fare as a cash payout that is exempt from tax. How much every employee receives is based on their individual allowed LTA limit.

What is LTC special cash package?

Can LTA be claimed in ITR?

LTA is an allowance on which tax exemption has to be claimed. In such cases, if LTA allowance is included in Form 16 as taxable portion, then taxpayer can claim this exemption even while filing ITR, provided all other conditions of GST invoices and no cash payment are fulfilled.

How do I claim my LTC cash voucher?

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.

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How is LTC cash voucher calculated?

How to calculate LTC Cash Voucher amount?

  1. Leave encashment (1,38,500 x 1.17) x10/30 = Rs.
  2. Fare Value: Rs.
  3. Total Value: = Rs.
  4. Amount to be spent for full cash benefit = Rs.
  5. (a) Share of Leave Encashment in total = 54,015 X 100 / 2,94,015 = 18\%
  6. (b) Share of Fare in total = 80,000 X 100 / 2,94,015 = 27\%