LTC money voucher scheme was introduced by the central authorities in October final yr in an try to spice up consumption throughout the coronavirus pandemic. Taking an annual trip was troublesome for everybody final yr, making it more durable for workers to say depart journey concession (LTC) from their CTC package deal. The authorities’s LTC money voucher scheme was initially introduced for central authorities workers, however was later prolonged to private-sector workers in December. The scheme makes it straightforward to say LTC advantages with out really travelling, however there are fairly a number of strings connected. We’ve defined every thing you might want to know and located some methods in which you’ll be able to profit from this profit. Read on to know extra.
What is the federal government’s LTC money voucher scheme?
In easy phrases, the central authorities’s LTC money voucher scheme is a substitute for journey necessities wanted to say advantages. Employees can purchase items and providers which incur GST of 12 p.c or extra, after which declare submit the bill to the employer. You’ll should spend 3 times the deemed LTC fare to avail this scheme although. The most deemed LTC fare below the scheme is Rs. 36,000 per particular person.
All purchases ought to be made through digital cost strategies solely and the bill a lot clearly point out GST quantity and the quantity of GST paid with the acquisition. Employees should make purchases between October 12 2020 and March 31 2021. Those who’ve opted for the brand new simplified tax slabs won’t be able to take pleasure in the advantages of this scheme.
How can I avail the LTC money voucher scheme?
If you have not claimed depart journey allowance advantages within the final 4 years (2018-2021), you’re eligible for this scheme together with depart encashment of 10 days. You’ll have to say each to make use of the federal government’s LTC money voucher scheme.
To avail the federal government’s LTC money voucher scheme you will must spend 3 times the eligible quantity on buy of products and providers carrying a GST of 12 p.c or extra. You could make a number of purchases throughout totally different e-commerce platforms. In case you spend lower than 3 times the deemed LTC fare, the earnings tax exemption will likely be suitably decreased based mostly on the full quantity.
If the deemed LTC fare for an individual is Rs. 80,000 in whole (Rs. 20,000 per particular person for a household of 4), the particular person might want to spend a complete quantity of Rs. 2,40,000 to avail LTC and tax exemption advantages. While you will be spending more cash, you will nonetheless find yourself with a good efficient general value for the acquisition because you’re be reimbursed for a portion of the acquisition by your employer, relying on the pay grade and LTC advantages.
What can I purchase to avail this scheme?
If you are eligible, you should purchase absolutely anything on-line so long as the services or products entails a GST of 12 p.c or extra. If you have been eyeing a brand new flagship smartphone or pondering of upgrading to a big-screen TV, now is an effective likelihood to profit from this scheme. Nearly all electronics are eligible for this scheme.
Below are a number of merchandise you should purchase (eligible below this scheme):
iPhone 12 If costs stored you on the fence all this time, now might be the perfect likelihood to seize the iPhone 12. With the LTC money voucher scheme, you will find yourself with a reasonably candy deal, relying in your LTC advantages. The iPhone 12 is sweet sufficient to final you a strong 5 years, in case you’re somebody who loves to stay to a good telephone for a while. Even in case you select to improve after a yr or two, the iPhone 12 will nonetheless have a good worth within the second-hand market.
Buy now at: Rs. 79,899 (MRP Rs. 79,900)
MacBook Air with M1 chip
Upgrade your work-from-home setup with some Apple swag. The all-new flashy MacBook Air mannequin with Apple’s M1 chipset sells at Rs. 92,900 on Amazon. It’s additionally obtainable with no-cost EMI cost choices (eligible with the LTC money voucher scheme). The newest MacBook Air mannequin is thought to be highly effective, and future-ready. What else would you like?
Buy now at: Rs. 92,900
LG 43-inch 4K sensible LED TV
Maybe upgrading your TV does not should be a Diwali-thing anymore. LG’s 43-inch 4K sensible LED TV ought to be nearly proper for most individuals trying to purchase items eligible for the LTC money voucher scheme. The TV comes with three HDMI ports, and two USB ports. It runs on webOS, and is powered by a quad-core processor.
Buy now at: Rs. 34,999 (MRP Rs. 52,990)
Sony Bravia 55-inch sensible 4K LED TV
If you are in search of one thing greater, and do not thoughts a barely older mannequin, the Sony 55-inch sensible LED TV could be excellent to your lounge. Currently promoting at Rs. 57,999 (MRP Rs. 1,09,900), this Sony TV is filled with all of the options you would like for in any fashionable sensible TV. It comes with three HDMI ports and three USB ports.
Buy now at: Rs. 57,999 (MRP Rs. 1,09,900)
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