Under the scheme, March 31 is the last date for claiming the benefit. But there are conditions to who can claim the benefit.
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To boost consumption by allowing employees to claim tax benefits against bills of goods and services purchased instead of travel expenses, the government announced the leave travel concession (LTC) cash voucher scheme in October.
Under the scheme, March 31 is the last date for claiming the benefit. But there are conditions to who can claim the benefit.
Check who are eligible for the LTC cash voucher scheme:
-Employees who have opted for the new tax regime, this scheme is not applicable. Under this the tax rates are lower but you let go of most deductions and exemptions.
-The taxpayer should not have already exhausted the LTC exemption for the block (current block is 2018-21). Every taxpayer can claim leave travel allowance (LTA) exemption for two journeys in a block of four years.
-Earlier, government employees can enjoy the benefit of this scheme. But, later it was extended to private sector employees as well.
-Employees are required to submit bills for purchases made between October 12 and March 31 to avail of the benefit under this scheme.
-The amount required to be spent is equivalent to three times the deemed LTC fare. Under the scheme, bills of goods and services with GST of Rs 12% or above can be claimed. The payment for the goods/services is mandatorily required to be made through a digital mode.
-You will be able to claim the benefits under the scheme only if you fulfill the above mentioned conditions.
