Private sector companies offering the benefit of the new LTC cash voucher scheme to its employees will not have to undertake any additional compliance burden, Finance Secretary Ajay Bhushan Pandey said.
Companies as per statute are required to maintain records of travel and other documents submitted by employees for availing LTC.
Under the new scheme, employees will have to submit to their companies bills indicating expenditure of an amount 3-times of the LTC. The companies as in past will maintain the records and only submit them to Income Tax Department if sought for.