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What Is Cinqo

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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What Is Cinqo

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  1. What is CINQO? 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.

  2. Do I need to use CINQO vouchers only at specific outlets or merchants? CINQO Digital Meal Vouchers can be used across any merchants pan-India for food and non-alcoholic beverages

  3. Is CINQO compliant with necessary laws and regulations? CINQO Digital Meal Vouchers comply with the necessary Income Tax Act fully. They offer tax benefits as per the exclusion provided for the ‘paid vouchers’ in rule 3 (7) (iii) of the Income Tax Rules 1962 (IT). They are non-transferable and each voucher bears a maximum value of Rs. 50 only – that can be used only for the purchase of food and non-alcoholic beverages at recognised outlets. These are the basic requirements for a prepaid voucher to be compliant with IT rules. CINQO Digital Meal Vouchers are also fully compliant with RBI guidelines. They are issued under the Policy Guidelines on Issuance and Operation of Pre-paid Payment Instruments in India, as updated in December 2014; by an RBI licensed commercial bank, Yes Bank.

  4. Does law recognise CINQO Digital Meal Voucher as a voucher? CINQO Digital Meal Vouchers have a specific digital characteristic which makes them similar to paper vouchers in behaviour. This makes them fully compliant to IT Rules.

  5. What does CINQO offer apart from Meal Vouchers? We offer digital vouchers for meal expenses and for medical expenses as well as Gift Cards and Reimbursements.

  6. THANK YOU. https://cinqo.in/

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