Hot Deal How to spend for ltc claim without spending

391°
Deal Newbie
70
60
1

Anyone has come up with ideas?

37 Comments  |  
23 Dimers
  • Sort By
112
609
3

Book irctc ticket and then cancel it, you might incurr charges but tax savings should be higher

63
200
1

Arrange one GST bill from local shopkepper. Pay him using debit card. They will agree on some commision.

70
60
1
Dealbraker wrote:

Book irctc ticket and then cancel it, you might incurr charges but tax savings should be higher

I think that will get caught. In any case too much risk

70
60
1
Bhalal_Dev wrote:

Arrange one GST bill from local shopkepper. Pay him using debit card. They will agree on some commision.

Trying but unable to find anyone willing. Because amounts become big. White goods ones will be best placed for this but cant find one.

351
1454
18

Small doubt….
We can claim on UPI also? Or only debit, credit card and NetBanking on above 12% gst items?

And one more doubt…..
As there was some credit card offer, I paid for some item in amazon from relatives card and not mine. But address in mine only…. Can I still avail this claim?

76
3164
19
jileg wrote:

Small doubt….
We can claim on UPI also? Or only debit, credit card and NetBanking on above 12% gst items?

And one more doubt…..
As there was some credit card offer, I paid for some item in amazon from relatives card and not mine. But address in mine only…. Can I still avail this claim?

This all depends on ur fin department,
its better to check with them for criteria for passing bills and whether they need dc, cc, bank statements too along with invoices for verification.

165
2313
14

Not able to understand the thread
Is it IT Returns or GST filing

What is ITC claim?

63
200
1
Expand
Goodquestion wrote:

Trying but unable to find anyone willing. Because amounts become big. White goods ones will be best placed for this but cant find one.

Ur city ? May be i can help you

81
5547
45
jileg wrote:

Small doubt….
We can claim on UPI also? Or only debit, credit card and NetBanking on above 12% gst items?

And one more doubt…..
As there was some credit card offer, I paid for some item in amazon from relatives card and not mine. But address in mine only…. Can I still avail this claim?

I understand that this LTC cash voucher scheme is for Central Govt Employees only. And goods and services worth three times the tax-exempt amount are to be purchased.
the invoice which is being submitted for reimbursement under the scheme should be in the name of the employee availing the scheme. Your finance department may seek proof of digital payment of the amount claimed, so it should be done using ur own credit card

81
5547
45
Bhalal_Dev wrote:

Arrange one GST bill from local shopkepper. Pay him using debit card. They will agree on some commision.

Better buy white goods, mobiles etc for relatives and friends in your own name and offer them additional 12% or less discount

6
6767
90
dlhntr wrote:

Not able to understand the thread
Is it IT Returns or GST filing

What is ITC claim?

+1

81
5547
45
Expand
Abhinav_Pune wrote:

+1

these dudes are referring to Leave Travel Concession (LTC) scheme wherein Travel fare is reimbursed on tax free basis by Employers to Employees for journeys undertaken for enjoyment.
However since due to COVID restrictions, Employees are unable to travel, Govt has announced that purchase of goods and services with 12% or higher shall be treated as LTC reimbursement

76
3164
19
Expand
aam_aadmi wrote:

I understand that this LTC cash voucher scheme is for Central Govt Employees only. And goods and services worth three times the tax-exempt amount are to be purchased.
the invoice which is being submitted for reimbursement under the scheme should be in the name of the employee availing the scheme. Your finance department may seek proof of digital payment of the amount claimed, so it should be done using ur own credit card

Correct.
They may ask proof/statements. Always better to confirm with company fin dep.

6
6767
90
Expand
aam_aadmi wrote:

these dudes are referring to Leave Travel Concession (LTC) scheme wherein Travel fare is reimbursed on tax free basis by Employers to Employees for journeys undertaken for enjoyment.
However since due to COVID restrictions, Employees are unable to travel, Govt has announced that purchase of goods and services with 12% or higher shall be treated as LTC reimbursement

Thanks. I wasnt aware of this scheme.

What i understood from internet is we need to spend on some iten frim oct 2020 to march 2021 and we can claim it as ltc . amount eligible will be amount spend divide by 3.

Is it correct.

81
5547
45
Expand
Abhinav_Pune wrote:

Thanks. I wasnt aware of this scheme.

What i understood from internet is we need to spend on some iten frim oct 2020 to march 2021 and we can claim it as ltc . amount eligible will be amount spend divide by 3.

Is it correct.

Valid only if your Employer opts for it and has a regular LTC reimbursement as a component of salary, not otherwise. I am a Central Govt PSU Employee but my Employer has not offered this scheme to us.

6
6767
90
Expand
aam_aadmi wrote:

Valid only if your Employer opts for it, not otherwise

Oh . no communication from employer yet on this.

0
512
23

anyone came up with any idea on how to avail the benefit without any actual spending/cost. Do endowment plans qualify under this?

53
2952
23

Collect all your invoices of Amazon, Flipkart, Bigbasket, Dominos etc. and claim them.
That’s what I am doing.

50
462
5
rohan8397 wrote:

Collect all your invoices of Amazon, Flipkart, Bigbasket, Dominos etc. and claim them.
That’s what I am doing.

Are multiple bills acceptable?

1,843
8816
51
rohan8397 wrote:

Collect all your invoices of Amazon, Flipkart, Bigbasket, Dominos etc. and claim them.
That’s what I am doing.

Which kind of items/ services are eligible? can I take invoices from friends and change name in pdf? stuck_out_tongue

53
2952
23
Expand
BAT_MAN wrote:

Which kind of items/ services are eligible? can I take invoices from friends and change name in pdf? stuck_out_tongue

That would not be legal. Also, as per guidelines, you need to have proofs for digital payment done for these purchases like credit card statement, bank statement etc.

Everything with 18% 12% or more GST is allowed.

51
1556
9
Expand
rohan8397 wrote:

That would not be legal. Also, as per guidelines, you need to have proofs for digital payment done for these purchases like credit card statement, bank statement etc.

Ideally the spend should be done using your own payment instrument like cc dc and netbanking under your name

203
2520
61

Isnt this the best chance to buy car/bike or change your old petrol vehicle to a new CNG vehicle, and save on fuel for the next 15 years, at an unbelievable cash discount of Rs 1.5 lakhs?

Obviously, getting it without spending anything at all is even better. But for anyone who was about to buy a car, this was the best deal possible.

203
2520
61
Expand
rohan8397 wrote:

That would not be legal. Also, as per guidelines, you need to have proofs for digital payment done for these purchases like credit card statement, bank statement etc.

Everything with 18% or more GST is allowed.

I think 12% or more is allowed.

47
1386
22
mas143forever wrote:

Isnt this the best chance to buy car/bike or change your old petrol vehicle to a new CNG vehicle, and save on fuel for the next 15 years, at an unbelievable cash discount of Rs 1.5 lakhs?

Obviously, getting it without spending anything at all is even better. But for anyone who was about to buy a car, this was the best deal possible.

It’s depends on LTA limit.. discount would be hardly 9-10% (best case)

For 1.5 lac discount.. you need to buy 12.85 lac car (provided LTA is 4.28 lac)

Missing