CINQO is a smart digital solution for employees to avail tax free meal allowances as against the traditional paper based meal vouchers. CINQO Digital Meal Vouchers are spent via a mobile wallet pan-India for food and non-alcoholic beverages. It is a great tax saving tool and helps an employee to save taxes up to INR 11,700/-*. CINQO helps employers in eliminating voucher distribution and tracking processes thus saving cost, time and effort on their end.
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Technological advancement and the ongoing digital revolution have made paper transactions almost redundant. This is the age of digital vouchers- a new and efficient way to pay for your expenses and save tax simultaneously.
Digital vouchers help companies digitize their corporate expense management by offering a fast, safe and simple alternative to paper-based vouchers. Digital vouchers are convenient to use and they help save you from the hassles of counting or changing vouchers. Digital vouchers also provide other benefits like tax redemptions, increased flexibility and better security.
Digital meal vouchers usually work like this- On a specific date of every month, employers have a desktop or app interface through which they can initiate the distribution of the vouchers to their employees with a single click. Once the vouchers reach the phones of the employees, they can use them across multiple outlets for purchasing food, beverages or other items which the vouchers are for.
Digital vouchers can be of various types- digital meal passes, restaurant vouchers, mobility passes, book cards, leisure passes, medical reimbursements and digital gift cards. Among them, meal passes are the most popular and prevalently used digital vouchers among companies and corporate establishments. They are accepted at most grocery chains and dining restaurants across India.
Digital vouchers which are complaint with the RBI guidelines and approved by the Income tax Department of India are absolutely safe to use. Not only that, unlike paper vouchers there is no risk of misplacing or losing the vouchers as they remain in the phone and can be used anytime.
The validity of digital vouchers may differ, but they usually remain valid for one year from the date of issue.
Digital vouchers are a comprehensive solution to smooth tax claims and easy payments. By simply offering digital vouchers, employers can easily disburse financial incentives to their employees at the touch of a button without any hassle.