Tax Saving Tips: You need to keep one thing in mind that if you do tax planning in advance, then only you will be able to save more tax (Last Date to file ITR). You can also avoid getting taxed on a large part of your salary by making some changes in your salary. Let us know about 5 such changes, which have the power to save tax on a lot of your money (How to save tax by changes in salary).
1- House Rent Allowance
House Rent Allowance i.e. House Rent Allowance is given by most of the companies to their employees. It ranges from 40-50% of your basic salary. When you file ITR, you get exemption from income tax on the amount of house rent allowance. In such a situation, if your company does not give house rent allowance, then definitely talk to the HR of the company, so that you can save tax.
2- Travel or conveyance allowance
Transport allowance or travel allowance or conveyance allowance, by many names, covers your traveling expenses. The company gives you this allowance for commuting from home to office. Although this allowance is also a part of your salary, but if you take it as an allowance, then you can get tax exemption on it. Not only this, some companies give conveyance allowance as reimbursement. In such a situation, far from being taxed on this money, it is not included in your salary for tax deduction.
3- Food Coupons
Food Coupons or Meal Vouchers or Sodexo Coupons are given like conveyance allowance, under which you can get coupons up to Rs.100 per day. Now there is also a facility to send money directly to Paytm Food Wallet. The good thing about these coupons is that they are given to you in the form of reimbursement. That is, the company gives you 100 rupees for food twice a day at the rate of 50 rupees per mile. In this way you can make a profit of Rs 26,400.
4- Car Maintenance Allowance
There are some companies that even give car maintenance allowance to their employees. Under this, the employee is given the maintenance of the car, the cost of its diesel or petrol and even the salary of the driver. Under this, employees can get a discount from Rs 2700 to Rs 3300 per month. If seen, this amount is very less compared to the actual cost of car maintenance, but with the help of this allowance, you get an opportunity to save tax on some of your extra salary.
5- Leave Travel Allowance
Many companies give leave travel allowance to their employees. You can also take advantage of this while filing ITR. Under this, you are given an allowance to go somewhere. You can go on a long tour twice in four years. You will get tax exemption up to a certain limit on the cost of this tour. This limit can be as much as your leave travel allowance. So now you should also plan to travel, but first talk to HR and add leave travel allowance in your salary.