LTC cash voucher scheme 2020 – Calculator
Here is the calculator to help the central government employee to compute the special package in lieu of LTC according to their pay level, basic pay and category. Based on the eligibility of employee the following calculator has been designed. This special package is valid during the current financial year till 31st March 2021. If an employee buys certain goods or services for the upcoming festive season, he can opt for this scheme and eligible for tax concession also under the guidelines of Central government scheme.
Due to the pandemic situation, many employees may not be able to travel and claim the exemption for leave travel concession during this year. Thus, this special package brings along with some conditions to avail the opportunity to benefit the employees.
How to use LTC cash voucher scheme 2020 Calculator
The following data has to be given by the employee:
i) Pay level: The level of the pay needs to be entered by the employee under the eligibility of his/her levels. According to the pay level, maximum expenditure and refundable amount have been fixed.
ii) Basic pay: The employee has to enter his /her basic pay per month as per the recommendation of the latest pay commission’s report.
” These pay level and basic pay can derive from the pay matrix table”
a) The Employee who use the category of business class of airfare should come under Rs. 36,000.
b) The Employee who use the category of economy class of airfare should come under Rs. 20,000.
c) The Employee who use the category of Rail fare of any class should come under Rs. 6,000.
iv) Family members count: Total number of family members those are eligible to travel need to enter in the field to compute expenditure and refundable amounts.
Maximum expenditure and refundable amount
- After entering all the required information by the employee the table will appear with an employee’s maximum expenditure and refundable amounts to claim.
In the Next table, Employee has to enter his/her actual exact expenditure amount, even though he spent less than his/her maximum expenditure limit.
The calculator will give you leave encashment, fare encashment and refundable amount to claim.
|LTC cash voucher scheme calculator 2020
|Select your pay matrix
|Select your pay level
|Select basic pay
|Family members count