These include reimbursement of telephone and internet bills, fuel and travel expenses, meal coupons, newspaper bills. If your company gives you this option, restructure the salary to include more tax efficient perquisites. Restructure your salaryMany companies allow their employees to make changes in the CTC at the beginning of the financial year. To optimise the tax, one needs to rejig one’s income and investments so that all available tax deductions and exemptions are utilised to the maximum permissible limits. If a person earning Rs.48 lakh a year gets a 10% raise, the tax on his income will then attract a 10% surcharge.
The Rs.2 lakh above the 20% slab threshold of Rs.10 lakh will attract a 10% additional tax liability. For example, if a person with an income of Rs.10 lakh gets a 20% raise, his tax slab changes from 20% to 30%. In some cases, the increment could take the individual into a higher tax slab. While a higher pay is always good news, it comes with the kicker of higher taxes. The beginning of the new financial year is a good time to reassess your finances as also to explore the possible changes that can help save tax and maximise your wealth. Spend P2P Data Center Fuel Rates Diesel Rates Petrol Rates Bank Pan Number Bank holidays Penny Stocks MF Ratings & NAV Top Performing Schemes Top Star Rated Schemes Top Tax Saving Schemes Highest Risk Adjusted Return New Fund Offers Forthcoming Dividends NPS Top Performing NPS Scheme Most Consistent NPS schemes ETF Perfomance Latest Prices Listed Bonds Traded in Cash Market ULIPs ULIP Schemes Calculators Recurring Deposit Calculator Fixed Deposit Calculator LTCG Tax Calculator Income Tax Calculator Rent Receipt Generator SIP Calculator IFSC Bank Code NPS Calculator Invoice Generator EPF Calculator House Property Income HRA Calculator Sukanya Samriddhi Calculator Education Loan Calculator Car Loan Calculator Home Loan Calculator Personal Loan Calculator Risk Tolerance Calculator Financial Fitness Calculator Buy Online Health Insurance Car Insurance 2 Wheeler Insurance Interest Rates Recurring Deposit Rates Fixed Deposit Rates Bank Fixed Deposits Rates Post Office Schemes Rates MCLR Loan EMI Participate & Win Stocks & Shares ET Wealth ET Wealth Editions Buy Wealth Magazine ET Wealth Newsletter
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