How to restructure salary to save tax
WebMust-have tax savers, you can use to restructure your #salary. 1. Fuel, Travel Reimbursements 2. Leave Travel Assistance 3. Internet, Phone Bills 4. Meal… Web6 sep. 2024 · You restructure salary so that the employer contribution comes down to Rs. 2.5 lacs. The excess (Rs 4 lacs – Rs 2.5 lacs = Rs 1.5 lacs) will be paid as salary and will be taxed. ... Or to put it in a different way, the excess investment above Rs 1.5 lacs does not help you save tax. Two points.
How to restructure salary to save tax
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Web17 feb. 2024 · 8 Ways Salaried Individuals Can Save Income Tax in India 1) Make use of the Section 80C (Maximum Tax Exemption Limit: Rs 1.5 lakhs) Under the Section 80C, the maximum tax deduction limit is Rs 1.5 lakhs. You can invest in any of the following options to save tax: Public Provident Fund (PPF) EPF (Employees Provident Fund) Web10 apr. 2024 · 2 Driver’s Salary. Senior executives are also given the option to hire a driver. The salary given to the driver has a nominal taxable value of Rs 900 per month, but can save a big chunk of your ...
Web9 apr. 2024 · Income from INR 12.5 lakhs to INR 15 lakhs. 25%. Income above INR 15 lakhs. 30%. The government has given an option to choose between a new tax regime … Web6 apr. 2024 · RESTRUCTURE SALARY If your company allows, rejig salary to add tax efficient options like phone bill, travel, meal claims, etc
Web4 okt. 2024 · Tax saving: Easy restructuring helps employees reduce their tax burden. For example, food bills, mobile phone bills, and travel allowance are not taxable. Factoring in … WebReduce your tax liability through your employer - Mazars - South Africa Services Industries Insights Join us If you have children at school or university you have the opportunity to …
Web18 mrt. 2024 · Reduce your income tax. Let's start with five of the most simple ways to save tax on your earnings. 1. Check your tax code. Your tax code indicates how much tax …
Web9 jul. 2015 · He can now ask the HR department to restructure his salary in a more tax-efficient manner. Fixed salary : Basic salary: Rs 30,000: Housing Rent Allowance: Rs … green bay rockers baseball clubWeb9 apr. 2024 · 2 Driver’s Salary . Senior executives are also given the option to hire a driver. The salary given to the driver has a nominal taxable value of Rs 900 per month, but can save a big chunk of your tax. 3 Leave Travel Assistance . Reimbursement of travel costs of your family during vacations is tax-free if claimed twice in a block of four years. flower shops in wallsendWeb14 jan. 2024 · Salary restructuring could help employees reduce their tax liability, thus increasing their in-hand salary. HRA Salaried individuals who live on rent can claim HRA … green bay rockers baseball addressWeb14 apr. 2024 · review 561 views, 40 likes, 0 loves, 17 comments, 6 shares, Facebook Watch Videos from 3FM 92.7: The news review is live with Johnnie Hughes, Helen... green bay rockers baseball schedule 2022WebSalary restructuring can help employees to reduce their tax liability, thus increasing their take home salary.Restructuring the salary for tax saving means including more tax … green bay rockers baseball ticketsWeb22 mrt. 2024 · retirment save tax Provident Fund new wage code salary (Your legal guide on estate planning, inheritance, will and more.) Download The Economic Times News App to get Daily Market Updates & Live Business News. ...more green bay rock climbingWeb2 mrt. 2024 · Updated: 02 Mar 2024, 08:10 AM IST Livemint. Income tax saving for FY 2024-23: Taxes are vital to the development of the nation and cannot be avoided. … flower shops in wallaceburg ontario