Pazcard : Tax-saving Employee Benefits Solutions

The government has allowed a few components to be a part of your CTC and save tax on the same. These can be either allowances or reimbursements. These components namely are meal/grocery, fuel & driver salary, gifts, telecommunication and internet, books and periodicals, learning and development, gadgets and equipment, health and wellness, office wear, and leave travel allowance (LTA).

The Pazcare food wallet is accepted by a wide variety of merchants ranging from apps like Swiggy, Zomato, Zepto, etc to your local supermarket. Both online and offline transactions can be made using your food wallet from Pazcare.

Yes, the money credited to the food wallet is tax-free.

To set up the Pazcare wallet, download the Pazcare mobile app for employees. Sign up and submit the documents required for proof of verification. After that complete the KYC process to start using the Pazcare food wallet or any other Pazcare wallet. You can also request a physical VISA payment card for your offline transactions.

All your wallet transactions can be tracked inside the Pazcare mobile app for employees.

The money credited to your food wallet and gift wallet does not at the end of a financial year. Other wallets like fuel wallets, allowance wallets, telecom wallets, etc expire at the end of a financial year and the money unused money present in those wallets is taxable.

Only the unutilised balance of the Meal and Gift wallet be carried forward to the next year.

The Pazcard is valid for 5 years.

Employees can make online payments using the Pazcard details and physical payments using the physical visa card.

Visit the Pazcare app, and click on Pazcard from the bottom panel. Next, click on “Card Controls” from the top panel and then click on “Card Settings”. There will be an option to request a physical card.

If lost or stolen, first, enable “Lock Pazcare Card'' and then scroll down and click on “Report Lost/Stolen Card” if you want to reorder your card. Your virtual card will be active immediately and you can reorder your new card from the card control section.

The employee will be deactivated and no further amount can be loaded into the wallets by the employer. However, the employee will be free to use the balance on the card. It will purely depend on the employer if they want to charge tax on the unutilised amount on the wallets (except meal and gift wallets) before deactivation.