LTC money voucher scheme was introduced by the central authorities in October final yr in an try to spice up consumption in the course of the coronavirus pandemic. Taking an annual trip was troublesome for everybody final yr, making it tougher for workers to say depart journey concession (LTC) from their CTC bundle. The federal government’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 just a few strings hooked up. We have defined the whole lot you must know and located some methods in which you’ll profit from this profit. Learn on to know extra.
What’s the authorities’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. Staff should purchase items and providers which incur GST of 12 p.c or extra, after which declare submit the bill to the employer. You will should spend thrice the deemed LTC fare to avail this scheme although. The utmost deemed LTC fare below the scheme is Rs. 36,000 per particular person.
All purchases needs 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. Staff should make purchases between October 12 2020 and March 31 2021. Those that have opted for the brand new simplified tax slabs will be unable 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 might be eligible for this scheme together with depart encashment of 10 days. You will 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 may must spend thrice the eligible quantity on buy of products and providers carrying a GST of 12 p.c or extra. You may make a number of purchases throughout totally different e-commerce platforms. In case you spend lower than thrice the deemed LTC fare, the earnings tax exemption can be suitably lowered primarily based on the entire quantity.
If the deemed LTC fare for an individual is Rs. 80,000 in complete (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. When you’ll be spending more cash, you may nonetheless find yourself with a good efficient total worth 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?
In case you’re eligible, you should purchase absolutely anything on-line so long as the services or products includes a GST of 12 p.c or extra. In case you had been eyeing a brand new flagship smartphone or pondering of upgrading to a big-screen TV, now is an efficient probability to profit from this scheme. Almost all electronics are eligible for this scheme.
Beneath are just a few merchandise you should purchase (eligible below this scheme):
iPhone 12 If costs saved you on the fence all this time, now might be one of the best probability to seize the iPhone 12. With the LTC money voucher scheme, you may 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, if you happen to’re somebody who loves to stay to a good cellphone for a while. Even if you happen to select to improve after a yr or two, the iPhone 12 will nonetheless have a good worth within the second-hand market.
Purchase now at: Rs. 79,899 (MRP Rs. 79,900)
MacBook Air with M1 chip
Improve 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 is also accessible with no-cost EMI cost choices (eligible with the LTC money voucher scheme). The newest MacBook Air mannequin is understood to be highly effective, and future-ready. What else would you like?
Purchase now at: Rs. 92,900
LG 43-inch 4K good LED TV
Perhaps upgrading your TV does not should be a Diwali-thing anymore. LG’s 43-inch 4K good LED TV needs 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.
Purchase now at: Rs. 34,999 (MRP Rs. 52,990)
Sony Bravia 55-inch good 4K LED TV
In case you’re in search of one thing larger, and do not thoughts a barely older mannequin, the Sony 55-inch good LED TV could be good to your lounge. At present promoting at Rs. 57,999 (MRP Rs. 1,09,900), this Sony TV is filled with all of the options you need for in any fashionable good TV. It comes with three HDMI ports and three USB ports.
Purchase now at: Rs. 57,999 (MRP Rs. 1,09,900)
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