Hi, I am looking for a tax-saving salary structure for my staff. What I already have includes basic, HRA, conveyance, and medical. Is there anything to save tax for the higher-salaried staff? Please do revert ASAP.
Child Education Allowance can be a beneficial component of a salary structure, offering tax benefits for employees with children.
Telephone Allowance
Including a Telephone Allowance can help employees cover their communication expenses, potentially providing tax advantages.
LTA (Leave Travel Allowance)
LTA is another component that can be used to save tax. It allows employees to claim travel expenses incurred during vacations.
Car Allowance Instead of Conveyance Allowance
Opting for a Car Allowance instead of a Conveyance Allowance can offer better tax benefits, especially for employees who use their vehicles for work purposes.
NPS Contribution by Employer
Employer contributions to the National Pension System (NPS) can be a significant tax-saving component for higher salaried staff.
Regards
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