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Before answering your q, please clear some qestions. 1) wht declaration he has given currently for tax exsumptions. 2) wht are the current CTC break up . Regards Sanjeev
Dear Perfectionist,
This one I got from one of our consultants.
Basic Salary : 3,00,000
Edu Allow : 2,400
Transport All : 9,600
Uniform Allow : 24,000
Reserch Allow : 30,000
Helper Allow : 36,000
Rent Free Unfurnished house : 4,20,000
Car With driver: 1,92,000
Res Telephone: 40,000
Gift in kind: 15,000
Medical reimbursement: 15,000
Free Lunch: 21,600
Mediclaim insurance: 18,000
LTC : 19,843
Employer Contribution to recognition PF: 36,000
FBT: 20,557.
If the Salary paid as per above the FBT will be 20,557 and taxable Income will be 3,45,000/- and Tax there on will be 37,860/-
Hope this is clear.

Hi, Most of the ways to save another few bucks on tax are explained by many. There is one more way which was practiced in one of the comany i remember. They had one car leasing compny which was actually providing new car on lease & the the company was paying the amount as car lease. Condition was that while leaving the job either he will purchase the car as per plan or sell it off on negotiable prices to the car lease company.
You can check it out..

Dear Miss Perfectionist,
Attached herewith Income Tax Calculator for the year 2009 which will solve your provlem.
One of our employees is earning a CTC of 12 lakh. He is paying 10,000 as his tax.Can anyone please tell me some ways to reduce his tax or restructuring the CTC so that his tax liability is minimum?
6 view and no reply....seniors plz help me[/QUOTE]

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I believe the above salary exepmtion must have being taken into account before asking for help. so I beloeve the following would help in addidtion to the above suggestions;
1. Deduction of donation u/s 80G
2. If the Company is ready to pay Fringe benefit tax then give prequisites such as car pertol, drivers salary, telephone bills and so on. But in this can the Company will have to shell out instead of the employee.
3. LTA as this is the last year in the current block of 4 years.
4. As him to take medicliam policy deduction under sction 80 D
5. Loss on account of interest paid on housing loan.
Warm Regards,
Join my SMs chanel on income tax. It’s Free
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I would suggest you to go for a ULIP Policy. It is unit linked insurance policy. Even if you for eg invest Rs5000 per month for 5 years, you are investing 300000. The next 5 years would be taken care of by the company and at the end of ten years you would get a minimum of 6 Lacs. This is a very gud investment plan + you also get insurance cover of around 6 lacs... You also have the option to go for an FD but that would not give u gud returns or insurance cover.... I am a financial consultant and if you want you can contact me, I can suggest you more options..Do let me know if this was helpful...

second option Jeevan Saral, is the best policy in the market. It is awarded a Golden peacock award for its unique features. 1. Premium is independent of the age. 2. Life cover is 250 times of the monthly investment. Ex: Premium of Rs. 1000/- per month will give a cover of 2 lakh 50 thousand. 3. ATM facility. Withdraw Accumulated money in Full or Partial after 10 years. Any body in mumbai interested in buying Jeevan Saral may contact minu 9833501974
Life Insurance is a way of Savings . I will give u some points to be noted and its Benefits
1. Savings (depends on Mode- monthly, Quarterly , Half yearly, Annual)2. It can be used as a tax savings3. It can Give u Pension4. It Can Protect ur Family5. Investment through life insurance can also b done6. Now u also have mutual fund investment

so please call me if you want to go for LIC Policy minu 9833501974

:icon6: . LIC is establishing itself as one of the most prosperous markets in modern times
Can you give a brief of the current salary structure.
In our company we have the following Stucture:
1) Basic
2) HRA
3) Personal Allowance
4) Children Education Allowance( Which is not taxable if documents r produced)
5) Uniform Allowance(( Which is not taxable if documents r produced)
Petrol Allowance
Driver's Salary
TOll/Parking Charges
Car Maintainence
Driver's Bonus
Meal Card
The reimbursements are cash component and are tax free only if documents are produced.
Hope this will suffice your query.

What I would recommend is to have your CTC restructured to suit your tax liabilities, for instance you can show part of your income as Petrol reimbursemenst, Car Hire & maintainance. Incase your company also provides assistance in periodical & books purchase, housemaid allowance etc. you can show these expences and avail of tax benefits to some ectent but I am sure that in India nobody can save much from tax deductions when you go beyond a CTC of 6.00 lakhs pa. Anyways these are just my suggestions rest you could take assistance from a CA and I am sure he can guide you in the best to save maximum tax to the possible extent.

Hi Miss Perfectionist, Can you pls give me the break up of his salary. Is he’s paying 10000/-p.m or p.a. Regards, Razia

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