[smooth]

Is there any new breakthrough in this? Any new update. The outlets close to my home are still not accepting coupons.
I am thinking of not taking any more coupons from my company.

[Jignesh]

Originally Posted by smooth

Is there any new breakthrough in this? Any new update. The outlets close to my home are still not accepting coupons.
I am thinking of not taking any more coupons from my company.

Hello Smooth,

Check the link I have mentioned in post # 117 of this thread. It gives you a latest list of Retail accepting Food Coupons.

Though Big Retailes are Food Bazaar & others are not accepting Food Coupons there are medium & small retailers who are still honouring these coupons.

I stay in western suburbs of Mumbai & there are couple of small retailers accepting Food coupons. Well, search for a retail outlet reasonably close to your home & use Coupons there. Taking Food Coupons makes sense for us (salaried employees) because it saves a lot of tax. Even if you fall in 20% tax bracket, taking Rs. 2000 of coupons per month will mean Rs. 4800 of Tax saved per year, which is reasonably large amount.

Thanks,

[sdp1975]

Originally Posted by Jignesh

Even if you fall in 20% tax bracket, taking Rs. 2000 of coupons per month will mean Rs. 4800 of Tax saved per year, which is reasonably large amount.

I believe that as per IT rules, the tax exemption is upto Rs 50/- per meal.

That is ,for a company with 22 working days in a month, it would work out to 22*50 = Rs 1100 /- per month.

[kalpeshc]

Some of the small retailers are accepting it but with extra 5% to 10% charges !

[KSM-Vtec]

Originally Posted by sdp1975

I believe that as per IT rules, the tax exemption is upto Rs 50/- per meal.

That is ,for a company with 22 working days in a month, it would work out to 22*50 = Rs 1100 /- per month.

We get 100X30 per month.

Originally Posted by kalpeshc

Some of the small retailers are accepting it but with extra 5% to 10% charges !

+1 on that

[volkman10]

Foodworld has announced acceptance of the coupons!

[Jignesh]

Originally Posted by sdp1975

I believe that as per IT rules, the tax exemption is upto Rs 50/- per meal.

That is ,for a company with 22 working days in a month, it would work out to 22*50 = Rs 1100 /- per month.

Yes. Rs. 50 per meal, two meals per day = Rs. 100 per day * 25 working days come to Rs. 2500 per month.

But companies give upto Rs. 3000 per month. Infact I myself have the option of taking Food Coupons upto Rs. 3000 per month.

Thus if one falls in 20% or 30% tax bracket, saving in terms of Tax is reasonably huge.

Thanks,

[challa]

Hi Jignesh

I beleive governement had mandated a rule regarding IT exemption of 1100 per month ie 50 per meal ( in general we eat only one meal during office hours) , though few companies provide 2k or 3k worth coupouns per month, the IT exemption calculated would be only for 1100 rs/month. This is what our company has sent a notice to us during mid of the year 2011 and implemented.

[S_U_N]

^That is correct, but somehow in most cases, companies are considering Rs. 100 per day.
I am not sure if the employee is at fault (in case there is a scrutiny from the IT department).
It is a complicated issue, I guess.

[fordday]

Originally Posted by challa

Hi Jignesh

This is what our company has sent a notice to us during mid of the year 2011 and implemented.

Same in our company. Earlier we had the option to take 1100 or 2200 per month, but now after the ruling we are allowed only 1100 worth of coupons.

[S_U_N]

Our company has stopped Sodexo coupons from April. We received our March coupons today.
Now, the company has provided an option of Axis bank meal card with Rs. 3000 per month loaded in the card. This is optional for employees.

I am not sure where this card (which will be like a normal debit card) can be used and where it cannot be in practice.

Rs. 3000 per month is a huge amount and translates to Rs. 36000 per year. This results in tax savings of Rs. 12000 per year (30% slab).
However if this card cannot be used for purchase of items at stores, then spending Rs. 36000 per year on restaurants and food joints is stupidity in my opinion.

Comments invited about this meal card.

[ankan.m.blr]

Our company has issued a communication today which states that from Aug-12 on-wards, our company is going to stop issuing Sodexho coupons and instead will issue electronic Sodexho card (not sure whether magnetic strip or chip based). This Sodexho card can be used to buy food from office cafeteria only; so use of this card in Big Bazar etc is going to stop. Most of my colleagues are planning to opt out of the Sodexho scheme; but that means losing some of it in tax. I am confused!

[honeybee]

Originally Posted by S_U_N

I am not sure where this card (which will be like a normal debit card) can be used and where it cannot be in practice.
...
Comments invited about this meal card.

These cards cannot be used to buy anything other than food and drinks. In short you cannot use it anywhere other than restaurants. I had a similar card from HDFC at one of my previous companies and I actually tried to use it at various merchants (including a petrol pump), but the card was rejected. It was only accepted at restaurants.

Originally Posted by ankan.m.blr

... but that means losing some of it in tax. I am confused!

That's exactly how the meal vouchers/cards are actually supposed to be used.

[ankan.m.blr]

Originally Posted by honeybee

These cards cannot be used to buy anything other than food and drinks. In short you cannot use it anywhere other than restaurants. I had a similar card from HDFC at one of my previous companies and I actually tried to use it at various merchants (including a petrol pump), but the card was rejected. It was only accepted at restaurants.


That's exactly how the meal vouchers/cards are actually supposed to be used.

The point is, according to my office communication, this card can be used only at the office cafeteria and not in any other food joint. This is what is bothering me. If I take the card, I have to have lunch at my office cafeteria and not anywhere else (say, CCD in the next building) whether I like my cafeteria food or not. Moreover, choosing sodexho or opting out can be done once a year only in my office. So, people going for sodexho are automatically tethered to the cafeteria. The vendor realizes this; and he knows that whatever abysmal quantity/quality of food he serves, we are bound to accept & swallow. The mere thought of this helplessness is making me angry.

[S_U_N]

I have opted for the meal card and so far so good.
Card works at all super markets and also at joints like KFC.
No more counting coupons at the counter and inviting the wrath of people behind me in the queue.