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Tax saving scheme
1. VINOD K AGRAWAL & ASSOCIATES, CA
Visit our site- https://cavkagrawal.business.site/ Page 1
TAX SAVING SCHEME
This year COVID-19 has slowdown so many things all over the world. Many
people, businesses, industry etc. are facing too much loss, all the festivals
and special events are gone with any celebrations. People enjoyed
everything with just by staying at home. Government takes some
precautions for the taxpayers and providing them relief on income tax. By
coming up with many schemes taxpayer can also claim deductions in
income tax return.
The government has extended the date of filing the income tax
returns for the financial year 2019-20 financial year 3 times.
Now the last date for filing tax return is 31 December 2020. File
your returns in time, otherwise your difficulty will multiply.
“You can get some new alternatives to save tax while filing your
Income Tax Return (Income Tax Return) this year. In particular, you
can claim tax exemption under the Allocation (LTC) Cash Voucher
Scheme”
Relief given under this scheme
This year, because of the COVID-19, government and private sector
employees could not go anywhere. The government launched the LTC
Cash Voucher Scheme for the comfort of employees this year. That is,
employees can allege LTA money as cash. Till now, employees have been
claiming on LTA travel bill. But this year, you can get tax rebate on the cash
you have a spent as LTA.
2. VINOD K AGRAWAL & ASSOCIATES, CA
Visit our site- https://cavkagrawal.business.site/ Page 2
Let’s understand with an example
For instance:-
Mr. A has spent completely 50 thousand rupees as LTA during the
financial year this year.
Earlier, he had to pay bills for a discount on travel tickets and LTA.
If Mr. A cannot enter the ticket and bill, then according to the tax
slab, he has to give a claim after-tax deduction.
But this year, Mr. A only has to pay the bill of goods that he has
bought with LTA money
You can mention such bills:
With the money of LTA cash scheme, you can buy laptops, cars, TVs,
smartphones etc.
[NOTE: You can only claim goods that attract more than 12 %
GST]
Apart from the products, you can spend on services like term
insurance, Ulips or education loan etc., which entice 18% GST.