Web5 nov. 2024 · "The LTC Cash Voucher Scheme requires an employee to spend three times of the eligible amount on good and services which attract GST of 12% or more. Thus, in our view, an employee can prepay for the services wherever GST is paid on services exceeding 12%." Homi Mistry, Partner, Deloitte India Web16 dec. 2024 · 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 …
FAQs on LTC Cash Voucher Scheme - TaxGuru
Web13 dec. 2024 · FAQ No. 8 of O.M. dated 20.10.2024 on LTC Cash Voucher Scheme clarifies that “ there is no prescribed format. A simple application conveying the desire of the employee for availing the scheme, if advance is required for the purpose the same is to be mentioned. ” Partial tax exemption under LTC Cash Voucher Scheme and partial under … Web4 aug. 2024 · The LTC Cash Voucher Scheme would encourage people to buy health and life insurance. The reason being you can get the reimbursement (as per the limits under the Income Tax Act, 1961) of the premium paid towards policies purchased between October 12, 2024, and March 31, 2024. flights being grounded
Understanding the LTC cash voucher scheme - Zoho Blog
Web16 feb. 2024 · The Indian government announced the LTC cash scheme with a view to boosting the economy. The criteria of having to spend three times the eligible amount in … WebIn order to claim the benefit under the LTA cash voucher scheme, the taxpayer or his/ her family member should have spent on the purchase of goods and services with a GST rate of 12 or more per cent. However, the rules regarding the LTA voucher scheme were notified in Budget 2024 . The memorandum to the Budget 2024 includes details on how this ... Web19 feb. 2024 · As per the guidelines of the LTC cash voucher scheme (for central government employees), the maximum amount of cash allowance (as deemed LTC fare) … flights being financed