Salary Break-up To Help Our Employees To Save Tax? - CiteHR
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Dear All,
Please anyone can help me to make salary break-up,which will help our employees to save their tax
suggest me the exempt tax amount in following components of salary:
1.car and fuel,
2. business promotions,
3.child education,
4.medical
5.LTA
6.NPS,
7.Meal coupons,
8.Car lease,
9.VPF,
10.Medical professional development
11.Health club membership
12.Mobile bill
13.Internet bill
14.PPF as well
15.Books & periodicals
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Dear Friend,
The following are allowed allowances exempt in income tax :-
Allowances allowable to tax payer
Please go through them. If any query persist kindly see the website below.
I am bad in Finance & Accounts but as I do understand, all "Allowances" are taxable but all "Reimbursements of Expenses" are tax free. You will have to go deep into "Expanse Type" and identify differences between Allowances and Reimbursements. I give you an example, instead of paying "Conveyance Allowance" or "Mobile/Telephone Allowance" to your employees you may please explore possibility of "Reimbursing" them "Taxi-fare" to & fro Office or take their Mobile/Telephone bills and pay directly from the Company and so on ....
Some Expert may please guide us on this.
Regards,
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