What is LTC advance scheme?

The central government employees have a chance to take advantage of two government schemes that allows them to get an interest free festival advance of Rs 10,000 and claim Leave Travel Concession (LTC) Cash Voucher Scheme. However, they should know that they have to avail these benefits before March 31.

Is special festival advance taxable?

FM Announces tax-free LTC Cash Vouchers, Special Festival Advance and Other Schemes to Boost Demand. Union Minister for Finance & Corporate Affairs Smt. Sitharaman said that the Government does not want to burden the common citizen with future inflation and also not put the Government debt on an unsustainable path.

What is LTC claim?

In October 2020, due to the covid-19 pandemic, the government announced an LTC cash voucher scheme that allowed salaried taxpayers eligible for LTC/LTA to claim the allowance tax exempt without travelling by purchasing goods and services as per the scheme’s conditions.

How do you use festival advance?

Step 1- Visit the Official Website of Special Festival Advance Scheme i.e. Not Available. Step 2- On the Homepage, Click on the Option “Apply Online” button. Step 3- Application Form page will be displayed on the screen.

How is LTC claimed?

Procedure to claim LTA is generally employer specific. Every employer announces the due date within which LTA can be claimed by the employees and may require employees to submit proof of travel such as tickets, boarding pass, invoice provided by travel agent etc along with the mandatory declaration.

What are cash vouchers?

A cash voucher is a standard form used to document a petty cash payment. When someone wants to withdraw cash from the petty cash fund, that person fills out the cash voucher to indicate the reason for the withdrawal, and receives cash from the petty cash custodian in exchange.

What is festival bonus?

What is Bonus? Bonus is the extra payment or financial component which is received as a reward for doing one’s job well. Bonus usually comes along with salary of the employee. This is either given during the festivals as well such as Diwali, Christmas, etc. or is part of the salary structure of the employee.

Is 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.