For salaried employees, it is the time of the year to submit Income Tax Investment Proof. I know that we don't like this exercise as it is tedious depending on length and breadth of investments. In this post, i will not discuss nitty gritty of tax savings or whether you availed all the deductions or not. This post will discuss being a salaried taxpayer what all points to check or taken care of to avoid mistakes before submission of Income Tax Investment Proof. Always remember that your employer is only responsible for TDS deduction based on your Income Tax Investment Proof submission. The ... Read More
10 Perquisites That Can Help In Tax Savings
In my previous post on Tax Savings, we discussed How Allowances can help in Tax Savings. In this post, we will discuss Perquisites and Tax Savings. Perquisite is non-cash benefit given to employee by the employer in addition to salary. This benefit is normally attached to employee's designation. Some perquisites are across the board, example food coupons. An intelligent mix of allowances and perquisites in the CTC (Cost to Company) can help in effective tax savings of upto 25%. In my opinion, these 2 components are low lying fruits which leave more money in the hands of a salaried employee for ... Read More