Availing LTC

B

burntwingzZz

Skilled
regarding warranty , lg has increased its warranty for limited period of time some scheme is on going there is lot of jiber jaber but main is 3 years warranty on tv price

Tax exemption is not complete exemption (not the whole amount) ,its for 36K max ,as due to Covid people didn't travel and didn't claim LTA ,so to compensate and kickstart economy they came up with max 36k exemption if you spend 3 times of it and pay via digital channel and claim that exemption , i never availed LTA exemption in the current LTA block there are criteria but in the end unbelievable deal.

economictimes.indiatimes.com

How private sector employees can avail tax benefit in LTC Cash Voucher Scheme

Government has announced the LTC Cash Voucher Scheme for the central government employees which was later extended to the private sector employees as well. Here is how these employees can avail the tax benefit under the LTC scheme.
economictimes.indiatimes.com economictimes.indiatimes.com
 
burntwingzZz said:
regarding warranty , lg has increased its warranty for limited period of time some scheme is on going there is lot of jiber jaber but main is 3 years warranty on tv price

Tax exemption is not complete exemption (not the whole amount) ,its for 36K max ,as due to Covid people didn't travel and didn't claim LTA ,so to compensate and kickstart economy they came up with max 36k exemption if you spend 3 times of it and pay via digital channel and claim that exemption , i never availed LTA exemption in the current LTA block there are criteria but in the end unbelievable deal.

economictimes.indiatimes.com

How private sector employees can avail tax benefit in LTC Cash Voucher Scheme

Government has announced the LTC Cash Voucher Scheme for the central government employees which was later extended to the private sector employees as well. Here is how these employees can avail the tax benefit under the LTC scheme.
economictimes.indiatimes.com economictimes.indiatimes.com
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The article says 36k per family member... Who all are part of this "family"?

Are parents also included apart from the wife?
 
This is for salried employees

you would be limited by max 36k , even if your LTA for annual year is 50k you would be capped by 36k per head, and member could be parents wife kid dependent sister brother , all bills with gst equal and above 12% would be accepted bill could be from 20 OCT 2020 till march 31 2021 , any bill paid digitally @12 gst and above on any of your immediate family member . that's what i understand ,please consult your CA or any sound financial advisor that of yours .I was any ways going to buy this one. this may make it even sweeter.

further details

www.taxcorner.co.in

FAQs on LTC Cash Voucher Scheme with Government Orders

FAQs on LTC Cash Voucher Scheme, Government Orders on LTC Cash Voucher Scheme, Analysis of LTC Cash Voucher Scheme, LTC Cash Voucher Scheme orders PDF
www.taxcorner.co.in www.taxcorner.co.in
 
So my dad availed this scheme.
Family members include employee's spouse, parents and children.
Depending on the designation, a LTC fare limit is calculated and applied to each memeber and that's the max amount you can be reimbursed with.
Now you don't need to buy goods worth 3X the amount of the combined LTC fare of all members, you avail benefit for let's say just 3 out of 5 members and buy goods worth 3X of the combined LTC amount for 3 people. Then you will be eligible for reimbursement of the combined LTC amount + the tax exemption.
In the article it says that this LTC amount per person is capped at 36k per person, this rule can vary for different institutions and depts. as autonomous depts. can set their own rules.
In case of my dad, he was able to avail the scheme and get LTC fare more than 36k per person from his dept.
 
KunjanPSD said:
So my dad availed this scheme.
Family members include employee's spouse, parents and children.
Depending on the designation, a LTC fare limit is calculated and applied to each memeber and that's the max amount you can be reimbursed with.
Now you don't need to buy goods worth 3X the amount of the combined LTC fare of all members, you avail benefit for let's say just 3 out of 5 members and buy goods worth 3X of the combined LTC amount for 3 people. Then you will be eligible for reimbursement of the combined LTC amount + the tax exemption.
In the article it says that this LTC amount per person is capped at 36k per person, this rule can vary for different institutions and depts. as autonomous depts. can set their own rules.
In case of my dad, he was able to avail the scheme and get LTC fare more than 36k per person from his dept.
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I availed the same today. It is per dependent and yes the amount varies by org and designation.
 
KunjanPSD said:
My friend bought a CX couple weeks ago and he was told that the offer will run till the end of March but he didn't see any written material stating that.
It's better to get the 2yr extended warranty from LG as their service is top notch.
As far as I remember, it was 20-25k for 2yrs but you gotta confirm.
Burn-in is not covered but any other panels issues are.
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burn in could be avoided , major worry is dead pixel
KunjanPSD said:
So my dad availed this scheme.
Family members include employee's spouse, parents and children.
Depending on the designation, a LTC fare limit is calculated and applied to each memeber and that's the max amount you can be reimbursed with.
Now you don't need to buy goods worth 3X the amount of the combined LTC fare of all members, you avail benefit for let's say just 3 out of 5 members and buy goods worth 3X of the combined LTC amount for 3 people. Then you will be eligible for reimbursement of the combined LTC amount + the tax exemption.
In the article it says that this LTC amount per person is capped at 36k per person, this rule can vary for different institutions and depts. as autonomous depts. can set their own rules.
In case of my dad, he was able to avail the scheme and get LTC fare more than 36k per person from his dept.
Click to expand...
is your father a government employee or any form of gov undertaking eemployee ?
 
burntwingzZz said:
burn in could be avoided , major worry is dead pixel

is your father a government employee or any form of gov undertaking eemployee ?
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Yes, my father is a Central govt. employee and he is at a pretty good post so his LTC fare per person is much higher than 36k.
His dept. approved it but your mileage may vary because his organisation is autonomous although he didn't receive any order stating the 36k limit.
 
KunjanPSD said:
Yes, my father is a Central govt. employee and he is at a pretty good post so his LTC fare per person is much higher than 36k.
His dept. approved it but your mileage may vary because his organisation is autonomous although he didn't receive any order stating the 36k limit.
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because that is a limit for private employees
 
burntwingzZz said:
because that is a limit for private employees
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Doesn't matter. The limit is 36k/member for everyone unless your organization is autonomous and decides to grant extra.
My mom is also a central govt. employee and for her it's fixed at 36k even though her organization is autonomous as well. Not the case with my dad's organization.
 
I am totally unaware about this LTC for private employees. Can anyone throw more light on it, or guide me to a good source? Can anyone working in any private organization claim this LTC, or should such a scheme be made available by the employer specifically?
 
i think this would be good policy and should stay atleast for private sector ,some might say tourism will be affected i really don't think so this give a person where he/she wants to spend and one who likes to travel will always travel and can submit hotel bills etc
logistopath said:
I am totally unaware about this LTC for private employees. Can anyone throw more light on it, or guide me to a good source? Can anyone working in any private organization claim this LTC, or should such a scheme be made available by the employer specifically?
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in my organization they did it its compulsory you could directly call your payroll /hr and discuss it. 15 days are remaining to avail this once in a lifetime opportunity.
 
logistopath said:
I am totally unaware about this LTC for private employees. Can anyone throw more light on it, or guide me to a good source? Can anyone working in any private organization claim this LTC, or should such a scheme be made available by the employer specifically?
Click to expand...

Most people are unaware of this actually..
It's largely the fault of govt only. Since that lady Nirmala something has become the FM, they announce things in such a way that most of the stuff not clear and concise.
Be it this LTC scheme or the recent budgets. They think all of us possess the knowledge of CAs and can understand linguistics accordingly. They don't put anything in simple layman terms.
I feel even most media outlets couldn't understand it properly so they just copy-pasted the whole stuff as it is everywhere. Even several organizations are clueless themselves hence decided not to even inform the employees about the scheme altogether.
Luckily our org was somewhat helpful and announced the scheme to us. Although it was very late, only around the beginning of this month. Whereas many of my friends had already submitted bills for the same long back.

What it basically is that, since you could not travel due to the pandemic in the last FY, you couldn't possibly make use of your LTA exemption benefits.
Hence they allowed you to claim the same exemption by showing bills for any product/services you paid for between Oct2020-Mar2021 which attracted a GST of 12% or more. Although not the whole bill amount is exempt, rather only 1/3rd of it.
Hence say your LTA exemption provided by the employer was 50k then you need to show bills worth 1.5lacs to utilize the whole exemption. On top of it, per head max exemption is 36k. Hence you need to include your dependents too if you want to claim an exemption of more than 36k.
 
I was aware of this since December but was waiting to make purchases to avail the full benefit.

Today, came to know that the system to declare tax benefits has been closed for this FY which is stupid since bills dated until March 31 are supposed to be accepted and you can submit the request to the company only once.

Guess I have a futile fight ahead to avail the benefit and I am not sure if it can be declared while filing the returns due to it being organisation dependent.
 
Yeh some companies have been super weird about it.

My wife's company also had the clause that GST should be 18% or more on those products so all her clothes, accessories, etc didn't count.
 
dafreaking said:
Yeh some companies have been super weird about it.

My wife's company also had the clause that GST should be 18% or more on those products so all her clothes, accessories, etc didn't count.
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do you have that communication in writing or any email , you could report the organization to IT for not complying
t3chg33k said:
I was aware of this since December but was waiting to make purchases to avail the full benefit.

Today, came to know that the system to declare tax benefits has been closed for this FY which is stupid since bills dated until March 31 are supposed to be accepted and you can submit the request to the company only once.

Guess I have a futile fight ahead to avail the benefit and I am not sure if it can be declared while filing the returns due to it being organisation dependent.
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i get it though the organization closing their proof acceptance on 10 march is too brutal & This special LTC schemes last date is contradictory , organizations cant deny the claim they have to budge
 
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So for govt. employees, they get reimbursed the amount of LTC deemed fare for ex: Fare is 20k/member, there are 3 members in total. Spend 1.8L (60k*3) and you will be reimbursed 60k.
So for private employees is the same as well or you don't get reimbursement, can only claim tax benefits?
 
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