Save tax with Sodexo meal voucher: Tax saving tips: How to save more than 8000 tax using Sodexo meal voucher – How to save more than 8000 rupees with Sodexo meal voucher
What is a Sodexo meal voucher?
Sodexo is a French company that provides meal vouchers. These meal vouchers are offered by all companies to their employees. Using these coupons, employees can spend money in restaurants, etc. Companies deduct the amount of coupons they give to their employees from their salaries. In fact, these vouchers are in the CTC of the companies i.e. cost to company, but the company gives it to you in the form of reimbursement.
The best tax saving tool
You will not have to pay tax on money spent on meal coupons. In fact, the income tax department sees it as an expense, for which the company reimburses you. So if your company doesn’t offer lunch vouchers, talk to HR today and add a meal voucher to your salary. This will reduce your tax liability and you can save more than Rs 8,000 per annum in your hands, which will be taxed if you do not have a meal voucher.
How much can I get for a meal voucher?
As a rule, you can get two meal vouchers of Rs 50-50 per day. That is, you will get Rs 100 from the company for each working day. Thus, this money can be around Rs 26,400 in a year. This means that if you fall into the 30 per cent tax bracket, you can save around Rs 7,920 in a year. The company deducts this amount from your taxable salary and pays you as compensation. These meal vouchers are now coming in the form of Sodexo chipped plastic cards instead of paper cards, which you can use to buy groceries.
How does a meal voucher work, why a tax deduction?
The biggest question is why tax relief is available? To understand this, it is important to first know how these meal vouchers work. First, meal vouchers are given to your company by Sodexo and in return you are charged with some commission. The company gives these vouchers to its employees and saves them taxes. This makes employees more honest with the company and they don’t think about leaving early, because the company thinks a lot about them. You spend these coupons in restaurants or grocery stores, which are then given to Sodexo. Sodexo also takes 1-2% commission from these traders. Now understand what is the benefit to the government, to whom it gives tax exemption. Actually, these coupons come with a certain validity, which you can not keep, but have to spend. When you spend it in the market, GST goes to the government from there as well as the supply and demand cycle in the economy. This increases the GDP.
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