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LTC scheme 2021

LTC Cash Voucher Scheme - Guidelines, Eligibility and

  1. LTC Cash Voucher Scheme - Guidelines for 2020-21 LTC - Leave Travel Concession which is part of employee salary can be claimed twice in a block of 4 years. Current block is 2018 to 2021. If one cannot claim before 31 March, 2021, it would expire and one need to pay income tax on their LTC / LTA amount
  2. LTC Cash Voucher scheme 2020 / 2021 was recently introduced by the Govt India which gives some real good benefits to all the employees (Govt/Private) who are eligible for LTA/LTC
  3. The LTC scheme was further extended to non-central government employees on October 29, 2020 followed by multiple set of frequently asked questions providing a similar income tax exemption, thereby bringing relief to private sector employees as well. How private sector employees can avail the LTC cash voucher scheme
  4. October 15, 2020 2:41 PM. Under the LTC Cash Voucher Scheme, government employees can opt to receive cash in lieu of LTC during the block period of 2018-21, which equals the amount of Leave.
  5. INCOME TAX EXEMPTION TO NON- GOVERNMENT EMPLOYEES: The LTC scheme has been further extended to non-central government employees on October 29, 2020, providing a similar income tax exemption, thereby bringing relief to private-sector employees as well, who are eligible to claim the leave travel allowance

You can benefit from the scheme if you meet the following conditions with the amount you spent on your family members eligible for the LTC benefit: You spend the amount after October 12, 2020 up to March 31, 2021 Amount of money spent has to be higher than three times of the maximum available LTC far As you all know that on October 12, 2020, the government has announced the LTC Cash Voucher Scheme. Under this scheme, the beneficiaries are required to purchase goods and services that have 12% or more GST in order to avail the benefits. The government had decided to relax the cash encashment condition under this scheme LTC Cash Voucher Scheme 2020. Through the implementation of the LTC Cash Voucher for the year 2020, the government will be giving cash vouchers to the employees of the central government and also the state government.These vouchers will be provided to the employees so that they can encash them and purchase different types of items as specified by the concerned authorities who have launched the. LTC cash voucher scheme was announced back in October last year Last date for purchasing goods and services is March 31, 2021 Employees can save money on big-ticket purchases under this scheme LTC..

LTC cash voucher scheme Ready reckoner – Govtempdiary

LTC Cash Voucher scheme 2020 / 2021 - eligibility - Rules

  1. LTC cash voucher Scheme 2020 Finance Minister Nirmala Sitharaman launched the Scheme that will help in creating demands
  2. LTC Cash voucher Scheme 2020-2021 rules for Private Sector Employees LTC cash voucher scheme is now available to private sector workers too with some changes. Income tax exemption ill be provided on the payment of cash allowance up to Rs 36,000 per person as Deemed LTC fare per person (Round Trip)
  3. The undersigned is directed to say that this Department has been receiving a number of queries relating to Special Cash Package equivalent in lieu of Leave Travel Concession Fare for Central Government Employees during the block 2018-21 announced by the Government on 12 th October, 2020
  4. Leave Travel Concession (LTC) Scheme-Covid-19 In view of the Covid-19 pandemic and resultant nationwide lockdown as well as disruption of transport and hospitality sector, in a Press Meet on 12 th October 2020, the Finance Minister Ms. Nirmala Sitharaman announced Income-tax Exemption for leave travel exemption
  5. The Special Cash Package s 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. Para 4 of OM dated 12.10.2020 provides for advance to Government employees in lieu of LTC fare and Leave Encashment

Leave Travel Concession (LTC) is nothing but a type of salary component where your employer is providing some yearly benefit to travel with your family. Usua.. LTC cash voucher and festival advance scheme: The ministry has decided to allow government and private sector employees to use their LTC tax-free benefit for various types of purchases subject to certain conditions while an interest-free festival advance of Rs 10,000 is being given to government employees

LTC cash voucher scheme: How private sector employees can

  1. read. Updated: 20 Nov 2020, 07:41 AM IST Sonu Iye
  2. LTC cash voucher scheme 2020 - Calculator Here is the calculator to help the central government employee to compute the special package in lieu of LTC according to their pay level, basic pay and category. Based on the eligibility of employee the following calculator has been designed
  3. Created Date: 10/20/2020 9:49:25 P

Here are key things to know about the scheme: * The LTC scheme allows tax-free payout of the travel allowance without taking the trip amid the ongoing Covid-19 crisis. The step has been taken to.

Created Date: 10/12/2020 6:33:11 P LTC Scheme Extended To Non-Central Government Employees. Nikunj Ohri @ Nikunj_Ohri. Bookmark. Oct 29 2020, 10:49 PM Oct 30 2020, 10:31 AM October 29 2020,.

LTC Cash Voucher Scheme Calculation and Benefits: Here is

  1. The LTC scheme was further extended to non-central government employees on October 29, 2020, followed by multiple sets of frequently asked questions providing a similar income tax exemption, thereby bringing relief to private-sector employees as well
  2. As premium on insurance policies attracts 18 per cent GST, premium paid on new life insurance policies (issued between October 12, 2020 and March 31, 2021) is allowed as eligible services under the..
  3. The LTC Cash Voucher scheme is applicable for the period from 12-Oct-2020 to 31-Mar-2021. In continuation of issuing clarifications by the government in the form of FAQs, the FAQ Set 4 of the LTC Cash Voucher Scheme is issued on 10.03.2021 clarifying 5 new queries on various aspects of the Scheme
  4. Tax exemption under the LTC cash voucher scheme requires the employees to spend a sum equal to three times of the value of the deemed LTC fare on purchase of goods/services carrying a GST rate of 12 per cent or more from GST registered vendors/service providers through digital mode between October 12, 2020 to March 31, 2021 and obtain a voucher indicating the GST number and the amount of GST paid
  5. ALSO READ | LTC Scheme Calculator 2020 rules to decide benefits for Central Government Employees, Private Sector. LTC cash voucher scheme for private sector calculation rules. The Finance Ministry shared an example to explain the LTC benefit for private sector employees: Example. Suppose Deemed LTC Fare: Rs.20,000 x 4 = Rs. 80,00

Under LTC Cash Voucher. If the family hasn't gone on a vacation in the last four years, it's eligible under the new scheme. This person falls in the category of a roundtrip of Rs 6,000 train fare. The total payout for four people would be Rs 24,000 (6,000x4)—but the employee will have to spend Rs 72,000 on buying goods to be eligible The Finance Ministry, on October 29, 2020, said that people who have opted for the lower tax regime that was launched in Budget 2020-21, would not be eligible for the new incentive package provided under the leave travel concession (LTC) scheme. As this exemption is in lieu of the exemption provided for LTC fare, an employee who has exercised an option to pay income tax under the. No 12(2)/2020-EII (A) on 12th October 2020 the Government of India approved payment of cash allowance equivalent to LTC fare. Read more Proposal regarding Consumer spending has two components, the first one is the LTC Cash Voucher scheme and the second one is Special Festival Advance Scheme The LTC scheme was introduced on Monday, 12 th October 2020. The workers of PSUs, PSBs and the central government are now eligible to procure products and services in place of the tax-exempt portion of Leave Travel Concession (LTC) or Leave Travel Allowance (LTA) Scheme was introduced last year. Finance Minister Nirmala Sitharaman introduced the special LTC cash scheme in October 2020 last year. Under this, the cash boucher was announced to the employees in lieu of LTA. To take advantage of this, the Central Government had set some guidelines. The plan had to spend three times more on rent on goods and.

An Overview of Special Cash Package LTC Schem

Things to Know About LTC Cash Voucher Schem

LTC cash voucher scheme for private sector employees: On the lines of benefit to Central Government Employees, the Union government has now extended LTC Cash Voucher Scheme to the non-Central Government Employees (including private sector employees) and also allowed income tax exemption for the payment of cash equivalent of LTC fare to them The LTC Cash Voucher scheme is applicable for the period from 12-Oct-2020 to 31-Mar-2021. In continuation of issuing clarifications by the government in the form of FAQs, the FAQ Set 4 of the LTC Cash Voucher Scheme is issued on 10.03.2021 clarifying 5 new queries on various aspects of the Scheme Finance Ministry Clarification dated 31st March 2021 regarding full and final settlement of bills/claims pertaining to LTC Special Cash Package Scheme No. 12 (2)/2020-E.Il (A

LTC Cash Voucher Scheme 2021: Registration, Objective

LTC Cash Voucher Scheme 2021. This article explains the online procedure to Apply, Online Registration Form, Eligibility Criteria, and the scheme's benefits. Eligibility Criteria for Cash Voucher Program Find out the eligibility criteria to get eligible for the LTC Cash Voucher Scheme below. This is for the eligible employees of Central. LTC Cash Voucher Scheme and Leave Encashment for Central Govt Employees October 13, 2020 Leave Travel Concession (LTC) Cash Voucher Scheme for Central Government Employees The Ministry of Finance issued order regarding new LTC voucher scheme for Central Government employees on 12th October 2020

LTC Cash Voucher Scheme 2020: Registration PM Modi

About LTC cash Voucher Scheme 2020: The finance minister of India, Shri Nirmala Sitaraman, has announced this scheme for the employee of the central government. The government is giving benefits to the central government employee Therefore, keeping an eye on the contraction of the country's economy, Finance Minister Nirmala Sitharaman took the initiative to revive the LTC Cash Voucher Scheme on Monday 12 October 2020, which will help boost the country's economy The Government launched an LTC (Leave Travel Concession) Cash Voucher Scheme for Central Government employees on 12 th October 2020 to enable employees to purchase goods and services instead of availing LTC & leave encashment. This is a reimbursement scheme for LTC expense to revive the economy. Details and FAQ about the scheme are presented

Things You should know about LTC Cash Voucher Scheme towards Tax Exemption in lieu of LTA for FY 2020-21 Learn what is LTA and LTC and how you can claim LTC Cash Voucher Scheme -- India's Fastest growing Online Shopping Community to find Hottest deals, Coupon codes and Freebies Finance minister Srimati Nirmala Sitharaman Ji launched a new scheme for the central government employees for their financial help and it will also help to boost up the economy of the country that's why the government launch the LTC Cash Voucher Scheme 2021 on 12 th October 2020. Today we will share all the scheme related information with you

The Special Cash Package Scheme in lieu of one LTC is to compensate and incentivise consumption by Government Employees and the benefits can be availed up to 31.03.2021. Para 4 of O.M. dated 12.10.2020 provides for advance to Government employees in lieu of LTC fare and Leave encashment Also Read: Leave Travel Concession (LTC) Cash Voucher Scheme for Central Government Employees (Finmin Order dated 12-10-2020) 2. A further set of frequently asked questions have been clarified and are attached herewith at Annexure-`A' — NSitharamanOffice (@nsitharamanoffc) October 12, 2020 An employee, opting for this scheme, will be required to buy goods or services worth three times the fare and 1 time the leave encashment which is to do be done before March 31, 2021 Finance Minister Nirmala Sitharaman on 13th October 2020 announced the LTC cash voucher scheme for the central government employees to boost consumption ahead of the festive season. The central government will give a prepaid RuPay card of Rs 10,000 to all rank and category employees under this scheme

LTC Cash Voucher Scheme Ends Soon: Everything You Need to

It is a scheme in lieu of LTC travel. • The Scheme is applicable to the LTC fare unutilized during the block period of 2018-21. So, it will not apply to LTC fare which has already been utilized till 12 October 2020. • If an employee has already exhausted leave entitlement, they can still avail the Scheme for LTC fare without leave encashment Special Cash Voucher LTD Scheme : The Government vide office memorandum no. F.No. 12(2)/2020—EH(A) dated 12 October 2020 announced the Cash Voucher LTC (Leave Travel Scheme) scheme for Central Government employees. The Central Board of Direct Taxes issued a press release on October 29, 2020, to provide a similar scheme & income-tax exemption to non-central government employees, who were not. The scheme was introduced to make use of the unused LTC for the current block of 2018-21 that would otherwise lapse since employees could not fully utilise it due to disruptions caused by COVID-19

LTC Cash Voucher Scheme 2020: Details, Notification, PDF

The undersigned is directed to refer to this Department's O.M of even no. dated 12th October, 2020 and to say that this Department has been receiving queries seeking clarification relating to Special Package equivalent in lieu of Leave Travel Concession Fare for Central Government Employees during the Block 2018-21 announced by the Government LTC Cash Voucher Scheme for CG Employees - Finmin Order 12.10.2020 October 12, 2020 LTC for visiting NER, J&K, Ladakh and A&N in lieu of a Home Town LTC October 9, 2020 Dopt Extends LTC Facility by Air to J&K, NER, and A&N Islands October 8, 2020 The FAQ clarified on the query about name of dependent on purchase receipt that the bills of the goods and services purchased under this scheme may be in the name of spouse or any family member eligible for LTC fare as mentioned in their service records. FAQ added that all the eligible purchases on or after October 12, 2020, but before March 31, 2021, can be counted

LTC Scheme: Remember! Saving on taxes will give you no benefits. By Anand Kumar. Posted on October 21, 2020. Share. Tweet. Share. Share. Email. Comments. Travel during the Covid-19 pandemic is a risky affair. Not only travel, the nationwide lockdown imposed to control the pandemic has crippled other non-essential sectors as well, causing job. Under Budget 2021-22, FM announced the Exemption for Leave Travel Concession (LTC) Cash Scheme which will be effective between 12th October 2020 and 31st March 2021. The scheme enables public and private sector employees to claim tax benefits on unused Leave Travel Concession (LTC The Government launched an LTC (Leave Travel Concession) Cash Voucher Scheme for Central Government employees on 12 th October 2020 to enable employees to purchase goods and services instead of availing LTC & leave encashment. On 29th Oct, they have extended it, non-central govt employees, as well The Finance Minister recently announced a Leave Travel Concession (LTC) cash voucher scheme and a Rs. 10,000 festival advance for govt. employees. Here are some key things to note about the scheme. The havoc that the pandemic has wreaked on the economy not just involves widespread job loss but it has also led to a sharp fall in demand and a.

LTC Scheme Calculator 2020-2021 LTC Cash Voucher Scheme

A newly recruited employee, whose LTC expires in December, 2020 which remains unutilized, may be allowed to claim the cash package in lieu of that LTC till 31st March, 2021. 5: Portion of the payment was made in cash as against digital payment for the entire transaction. Whether this will be eligible under the Scheme 2. With a view to compensate and incentivise consumption by Central Government employees thereby giving a boost to consumption expenditure, it has been decided that cash equivalent of LTC, comprising Leave Encashment and LTC fare of the entitled LTC may be paid by way of reimbursement, if an employee opts for this in lieu of one LTC in the Block of 2018-21 subject to the following conditions: LTC Cash Voucher Scheme for Central Government Employees - FINMIN Order -October 12, 2020. F.No.12(2)/2020-EII(A) Ministry of Finance. Department of Expenditure. EN(A) Branch. North Block, New Delhi. 12th October, 2020. Office Memorandum New Delhi: The Central Government in October 2020 announced the leave travel concession (LTC) cash voucher scheme.The scheme allows government employees and private sector employees to claim tax benefits through the purchase of goods and services in lieu of LTC for travel Autonomous Bodies can adopt the scheme provided they are already implementing an LTC scheme similar to the Central Government's Scheme, before 12.10.2020. E6 As per Special LTC provisions, an employee irrespective of his eligibility can travel by Air to places like Andaman & Nicobar, J&K, and North-East under anywhere in India fare

4th FAQs on LTC Cash Voucher Scheme - TaxGur

A newly recruited employee, whose LTC expires in December, 2020 which remains unutilized, may be allowed to claim the cash package in lieu of that LTC till 31st March, 2021. 5. Portion of the payment was made in cash as against digital payment for the entire transaction. Whether this will be eligible under the Scheme LTC (Leave travel concession) scheme Update. Previously only the employees of the central government were exempted from the Income Tax under LTC cash voucher scheme. But from 29th October 2020 onwards the income tax department has extended the exemption of income tax for non Central Government employees that are state employees also

LTC Cash Voucher Scheme 2020 for central govt employees (Circular, Notification, benefits, full form, leave travel concession) The Leave Travel Concession cash voucher scheme has been introduced by Finance Minister Nirmala Sitharaman. The LTC Cash Voucher Scheme 2020 for central govt employees Read More The Leave Travel Concession (LTC) Cash Benefit Voucher Scheme is a little bit confusing on the calculation with or without encashment. As per the recent clarification issued by the Department of Expenditure on 25 November 2020, the lesser amount between actual expenditure and notional fare only will be taken for the account of the full cash. However, payment of premium for insurance policies purchased during the period between 12.10.2020 and 31.03.2021 is eligible for reimbursement under the scheme. 5 If an employee buys a car or any other items or services, whether it is mandatory to submit original bills to DDO as the same may be required for claim the warranty and ownership of.

Leave Travel Concession (LTC) Scheme - Under Covid1

The LTC scheme was further extended to non-central government employees on October 29, 2020. Condition to Claim LTC Scheme. The LTC scheme requires employees to spend three times the amount of deemed LTC fare on the purchase of goods/services, having a GST rate of 12 per cent or more; The amount must be spent during the period October 12, 2020. The LTC Special Cash Package Scheme was announced by Ministry of Finance on 12.10.2020 . Later many Clarifications were issued one by one by the DoE which led to many confusion in submitting the bills for Final claims

The government while relaxing the cash encashment condition under the LTC cash voucher scheme, has also enabled it for the Central government employees to buy a new insurance policy with the scheme Finance Ministry has clarified in the FAQ 2 issued on 10.11.2020 on LTC Cash Voucher Scheme that any Unutilised LTC in the Block Year 2018-21 is eligible for LTC Cash Voucher Scheme. [ See the Block Year detail] It has been clarified in the following Question and Answer

RBE No. 95/2020: Special Cash Package (SCP) - AILTC ..

No 12(2)/2020-EII (A) dated 12th October 2020. It has also been provided that since the cash allowance of LTC fare is in lieu of deemed actual travel, the same shall be eligible for income-tax. Finmin Order : Clarification regarding full and final settlement of bills/claims pertaining to LTC Special Cash Package Scheme No. 12(2)/2020-E.Il(A) Government of India Ministry of Finance Department of Expenditure North Block, New Delhi Dated 31st March, 2021 OFFICE MEMORANDUM Subject: Clarifica Tax Exemption to LTC Cash Vouchers to Private Sector Employees, tax free LTA cash scheme for block period of 2018-21 due to COVID-19, tax free LTA,LTC 350 Download Press Release dated 29.10.2020 on Tax Exemption to LTC Cash Vouchers to Private Sector Employees Income Tax Diary. Scheme for Grant of Ex-gratia Payment of Differential.

LTC ( Leave Travel Concession) Cash Voucher Scheme 2020

LTC cash voucher scheme 2020 Our Honáble Finance Minister Mrs. Nirmala Sitharaman has announced the LTC voucher scheme on 12th Oct 2020. This video discusses.. Premium paid for insurance policies purchased between October 12, 2020 and March 31, 2021 by central government employees will be eligible for reimbursement under the LTC cash voucher scheme. Issuing the third set of FAQ, the Department of Expenditure under the Finance Ministry, also clarified that for purchases of goods like cars, employees can submit self-attested photocopy of bills instead. The LTC cash voucher scheme was introduced by the government in order to boost consumption in lieu of actual travel. This exemption from LTA was allowed by way of a press release dated 29.10.2020 . The legislative amendment for provisioning income-tax exemption under LTA Cash Voucher Scheme was later on made through Finance Act, 2021 If a particular LTC which is meant to be used for the scheme has been partially availed by either self or members of the family, whether this scheme available and to what extent? This scheme is applicable to the LTC fare left unutilized during the Block Year as mentioned in the O.M. dated 12.10.2020

FM announces measures to stimulate consumer demand: Cash

LTC cash voucher and festival advance scheme: How the

New Delhi: Finance Minister Nirmala Sitharaman on Monday announced Leave Travel Concession (LTC) Cash Voucher Scheme to stimulate consumer spending among other stimulus measures to boost the economy during the pandemic.The cash voucher scheme alone will generate demand estimated at Rs 28,000 crore, the FM added. Indications are that savings of government and organized sector employees have. LTC Cash Voucher Scheme 2020 Application Form Download. Leave Travel Concession (LTC) Cash Voucher Scheme 2020 Application Form Download Application Form for Special Cash Package in Lieu of LTC LTC Fare + 10 Days EL Encashment During Block Year 2018-21. Name / Designation of the Government Servant

Govt's LTC scheme is a step in the right direction, but

LTC Cash Voucher scheme. The LTC (Leave Travel Concession) Cash Voucher scheme was the first benefit announced by Finance Minister Nirmala Sitharaman today. LTC is usually granted to central government employees for travelling to various parts of the country and home as well. This is made available every four years Clarification on the complete and final settlement of bills and claims under the LTC Special Cash Package Scheme. LTC bill special cash package. LTC bill special cash package. No. 12(2)/2020-E.Il(A) Government of India Ministry of Finance Department of Expenditure. North Block, New Delh Reply: If as per the calculation suggested in LTC Cash Voucher Scheme order mentioned (12(c)2020.E.II A) dated October 12, 2020, the reimbursable amount is less than the advance drawn, this would be treated as under-utilization.However, after calculation of the claim, balance amount, if any may be recovered from the employee. 5) Newly joined Government employees are entitled for three Home.

LTC cash voucher scheme Calculator 2020 - Govtempdiar

LTC Scheme: Can you take LTC advance, auto loan to buy a car? October 29, 2020 As the value of the automotive is far more than the eligible quantity, the complete eligible quantity that Kaoushal is entitled for will probably be utilised 5. Additional budget of Rs. 25,000 crore, in addition to Rs. 4.13 lakh crore given in Union Budget 2020, is being provided for Capital Expenditure. The details of these various schemes are as: A. CONSUMER SPENDING. 1. Leave Travel Concession (LTC) Cash Voucher Scheme

In October 2020, the government announced an LTC cash voucher scheme for its employees. By opting for this scheme, government employees can purchase goods and services in lieu of the tax-exempt portion of the Leave Travel Concession/Leave Travel Allowance (LTA/LTC) Make Janta Pappu Scheme! Modi, Jaitley and now Sitharaman have been remarkably consistent in handling the finances of India. In short the consistency has been in taking bad decisions to ruin the economy, ensure maximum confusion and the usual fals.. UPDATED ON OCT 12, 2020 02:34 PM IST Under consumer spending, she announced proposals within two components--LTC cash voucher scheme and special festival advance scheme The LTC scheme was further extended to non-central government employees on October 29, 2020 followed by multiple set of frequently asked questions providing a similar income tax exemption, thereby bringing relief to private sector employees as well No prior intimation as is being given in the case of LTC Scheme is required and for the year 2018-19 (extended till 31.12.2020), the claims can be made before 31.03.2021. The LTC for the year 2018-19 Block was extended upto 31st December, 2020

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