(b) The employee spends a sum equals to three times of the value of the deemed LTC fare on purchase of goods / services which carry a GST rate of not less than 12% from GST registered vendors / service providers (‘the specified expenditure’) through digital mode during the period from the 12th of October, 2020 to 31st of March, 2021 (‘specified period’) and obtains a voucher indicating the GST number and the amount of GST paid. Cash voucher is simple voucher written receipt used for the purpose of cash payment. Cash Payment Voucher Template contains 5 columns (item#, description, quantity, price, and amount) and no "Advance" field on the bottom of the form. Rs. It is a fast, easy and secure payment tool for online payments. 5000. Is the LTC Cash Voucher scheme 2020 – 2021 scheme applicable for private sector employees? In case the employee already received Rs. This document assists you to find out when the transaction takes place. It's quick, easy, and anonymous! The report lists vouchers by supplier in four aging columns, provides a total for each supplier and each bank account, and shows the total amount necessary to pay open vouchers. Please check your LTA/LTC allowances in your salary structure and purchase any goods that has GST of 12% or above. The petty cash voucher should provide space for the following: 1. What is my eligibility for LTC cash voucher scheme? Get tax answers from top-rated CAs. 2,40,000 or above on specified expenditure, he shall be entitled for full deemed LTC fare and the related income-tax exemption. Here are the list of items which qualifies for LTC cash voucher scheme:-, The list of items which carry 12% and above GST rate is provided belowList of Items which carry GST 12%, Preparations of vegetables, fruits, nuts or other parts of plants, including pickle, murabba, chutney, jam, jellyKetchups, sauces and mustard sauce but excluding curry paste, mayonnaise and salad dressings, mixed condiments and mixed dressingsBari made of pulses including mungodiMenthol and menthol crystals, peppermint, fractionated/de-terpenated mentha oil, dementholised oil, Mentha piperita oil and spearmint oilAll diagnostic kits and reagentsPlastic beadsExercise books and note booksGlasses for corrective spectacles and flint buttonsSpoons, forks, ladles, skimmers, cake servers, fish knives, tongsFixed Speed Diesel EnginesTwo-way radio (Walkie talkie) used by defence, police and paramilitary forces etc.Intraocular lensCorrective spectaclesPlaying cards, chess board, carom board and other board games, like ludo, etc.Debagged/roughly squared corkItems manufactured from natural corkAgglomerated cork, •             Kajal pencil sticks•             Dental wax•             Plastic Tarpaulin•             School satchels and bags other than of leather or composition leather; toilet cases, Hand bags and shopping bags of artificial plastic material, cotton or jute; Handbags of other materials excluding wicker work or basket work•             Headgear and parts thereof•             Precast Concrete Pipes•             Salt Glazed Stone Ware Pipes•             Aluminium foil•             All goods, including hooks and eyes•             Rear Tractor tyres and rear tractor tyre tubes•             Rear Tractor wheel rim, tractor centre housing, tractor housing transmission, tractor support front axle•             Weighing Machinery other than electric or electronic weighing machinery•             Printers other than multifunction printers•             Ball bearing, Roller Bearings, Parts & related accessories •             Transformers Industrial Electronics•             Electrical Transformer•             Static Converters (UPS)•             CCTV including CCTV with video recorders•             Set top Box for TV•             Computer monitors not exceeding 17 inches•             Electrical Filaments or discharge lamps•             Winding Wires, Coaxial cables and Optical Fiber•             Perforating or stapling machines (staplers), pencil sharpening machines•             Baby carriages•             Instruments for measuring length, for use in the hand (for example, measuring rods and tapes, micrometers, callipers) •             Bamboo furniture•             Swimming pools and paddling pools•             Televisions/Monitors (upto 32 inches)•             Power banks powered by Lithium-ion batteries•             Sports goods, games consoles and related items with HS code 9504•             All items with HS code 8483 including gear boxes, transmission cranks and pulleys•             Used or retreaded pneumatic rubber tires. Will purchase made online from e-commerce website be acceptable? 80,000 x 3 = Rs. What is VLoad? Write the predetermined contents in your voucher, such as indications of where to fill up (e.g. In order to provide the benefits to other employees (.e. Dd 1131. RECEIVING OFFICE COLLECTION VOUCHER NUMBER. It doesn’t matter if you have purchased the item online or offline if you have purchase receipt with GST details then your purchase is valid. 7.The legislative amendment to the provisions of the Income-tax Act, 1961 for this purpose shall be proposed in due course. 2. Firm Name will be your name and property address, 2. Make sure there is enough room for the required details to fit on the voucher. Next step is to start with putting the name of the company and the name of the department on the top of the voucher. We Invest Smart will use the information you provide on this form to be in touch with you and to provide updates and marketing. How to fill out a Free Petty Cash Voucher Template. If you don't have one in mind, consider the gift certificate … Due to COVID-19 it was impossible for anyone to travel anywhere so the Govt of India have come up with LTC Cash Voucher scheme 2020 – 2021 under which the Central govt/state govt/private sector employee can avail the LTC Cash Voucher which will replace the actual travel which was earlier required to avail the tax benefits. Any unutilized LTC of the block of 2018-21 is eligible. This was your previous question too which was answered by me and your follow up queries were also replied. name (blank), amount in words (blank), etc). xyz work for abc property situated at). Filling Out a Cash Receipt Voucher. 2,40,000. Join our mailing list to receive latest updates and newsletters! Approved by has to be signed in case the expense is of a company and some manager is approving it. Please make sure you have proper name in the invoice. When someone wants to withdraw the cash from petty cash fund, that person fills out the cash voucher mentioning the reason for the withdrawal and in return he or she receives cash from the petty cash custodian in exchange. Any item which caries GST more than 12% is eligible for the LTC cash voucher sheme. (c) An employee who spends less than three times of the deemed LTC fare on specified expenditure during the specified period shall not be entitled to receive full amount of deemed LTC fare and the related income-tax exemption and the amount of both shall be reduced proportionately as explained in Example-A below. You may follow the answers to your previous query on the same issue. Any purchase should have purchase invoice with GST details on it. As per the circular; you have to spend 3 times of the eligible LTA/LTC allowance to get 100% tax benefits for the LTA/LTC allowance. How do I know how much I am eligible for LTC Cash Voucher scheme 2020 – 2021 ? © 2013-2021 Taxfull. It is only for clarity and for easy identification. Input the contents. 3. Schedule a 30-minute call with a top-rated chartered accountant.It’s quick, easy, and confidential! 60,000) of deemed LTC fare and the related income-tax exemption. What to fill up in voucher for expense; ... Cash/ Bank - If payment is made in Cash then cash or if its bank then bank. Between 12th of October, 2020 to 31st of March, 2021. The nature of expense like carpentry/ mason work, plumbing etc. Make sure you affix a revenue stamp for cash payment more than Rs.5000/- . I availed home LTC in 2019. The petty cash voucher is an important form of evidence for reconciling the remaining cash in the petty cash box. Enter your email address to subscribe to this blog and receive notifications of new posts by email. This scheme is for the LTC block of 2018-21. In such cases where you are getting the work done without any contractor and dealing directly with small workers where lots of small small payments have to be made, you should maintain a labourer register for the same. The voucher is typically purchased from an office supply store. Pay To – Enter the name of the payee who received the petty cash disbursement. But, just a little fact about cash vouchers, it is always in the landscape format. Normally, a block contains two LTC fare (home town and anywhere in India). DISBURSING OFFICE COLLECTION VOUCHER NUMBER 2. If you are processing more than one expenditure voucher, click the Save & New button, otherwise, click on the Save & Close button. Thus, if an employee spends Rs. $ (Dollar Amount) – … 5000 and not in case of NEFT / cheque payments. It is a physically small form, since it must fit within the petty cash box or drawer. You can also use it to review upcoming cash requirements. non-Central Government employees) who are not covered by the above mentioned OM, it has been decided to provide similar income-tax exemption for the payment of cash equivalent of LTC fare to the non-Central Government employees also. At the beginning of an accounting period, there should be a certain amount of cash in the box and no vouchers (which should have been removed as part of the month-end entry for the preceding month). Upon the issuance of the receipt voucher to the client, carefully write all the information of the transaction. Debit/credit- the relevant expense account in your books. If one has been availed and the other remaining, the same can be utilised for this purpose. http://www.neelgagan.com/copy-of-voucher-file-big, http://www.neelgagan.com/copy-of-voucher-book-big-18. Accordingly, the payment of cash allowance, subject to maximum of Rs 36,000 per person as Deemed LTC fare per person (Round Trip) to non-Central Government employees, shall be allowed income-tax exemption subject to fulfilment of conditions specified in para 4. It is not required when paid through cheque. 2. RECEIVED AND FORWARDED BY (Printed Name,Title and Signature) c. TELEPHONE NUMBER (Include Area … Revenue stamp would be required when cash paid exceeds Rs. You should write a check to the custodian to initially establish the fund. Your account number will ALWAYS be 545005. The check amount should be sufficient to handle most cash purchases for the time period you choose, but not so large as to encourage theft. Start with the size of the voucher and keep in mind that the bigger the voucher is, the expensive it will get to print and make copies of it. What is an imprest system of petty cash? In view of the Covid-19 pandemic and resultant nationwide lockdown as well as disruption of transport and hospitality sector, as also the need for observing social distancing, a number of employees are not able to avail of Leave Travel Concession (LTC) in the current Block of 2018-21. Either way, make sure that all the essential details will fit in your cash voucher regardless of the format. What is petty cash? 3. CASH COLLECTION VOUCHER PREVIOUS EDITION IS OBSOLETE. The address can be mentioned under the Firm Name. The register should have columns specifying: This register would be enough to prove the genuineness of the expenses and individual vouchers would not be required. The party receiving the amount will sign in place of the Receiver's Signature. These vouchers need to be accompanied by a List of Projected Expenses. LTC Cash Voucher scheme 2020 / 2021 - eligibility - Rules - How to claim? You have successfully subscribed to our blog! Due to COVID-19 it was impossible for anyone to travel anywhere so the Govt of India have come up with LTC Cash Voucher scheme 2020 – 2021 under which the Central govt/state govt/private sector employee can avail the LTC Cash Voucher which will replace the actual travel which was earlier required to avail the tax benefits.

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