Income Tax Saving Tips: We have brought some such tools for you, so that the money remains in your pocket and tax is also not deducted. Know which are those 5 allowances
Income Tax Saving Tips: Income Tax.. on hearing this word, one feels that somehow it should not be deducted. The biggest blow to the salaried class comes in the form of Income Tax. But, investment is the biggest weapon to save this tax. Many investment tools help in saving tax. But, whether the money is invested or tax is deducted, in both the cases the money does not remain in your pocket. Therefore, it is necessary to have some such tools so that the money remains in your pocket and tax is also not deducted. Include 5 such allowances in your salary, which will save a lot of tax from your salary.
Let us know about 5 such allowances, which if included in the salary, will save tax on a lot of your money.
1- Food Coupon
Many companies provide food coupons or meal vouchers or Sodexo coupons. It can be used for eating. In this, coupons worth up to Rs 100 can be taken daily. Some companies are also crediting it in Paytm Food Wallet. Coupons are included in the reimbursement category. The company gives Rs 100 per meal at the rate of Rs 50 per meal twice daily. In this way you can get a profit of Rs 26,400.
2- Leave Travel Allowance
Companies give Leave Travel Allowance (LTA) to their employees. You can also take advantage of this while filing ITR. This allowance is given for traveling somewhere during your service. You can go on a long tour twice in four years. You can avail tax exemption up to a limit on the entire expenditure of this tour. This limit can be equal to your LTA. You can get leave travel allowance added to your salary by talking to company HR.
3- Travel or conveyance allowance
Transport Allowance or Travel Allowance or Conveyance Allowance, this allowance is given for traveling for office work during office hours. The company gives you this allowance for commuting from home to office. 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. Conveyance allowance can be taken as reimbursement. Such reimbursement is not taxable, in fact, it is also not included in the taxable salary.
4- House Rent Allowance
House rent allowance is given by most of the companies to their employees. This amounts to 40-50 percent of your basic salary. Income tax exemption is available on the amount of house rent allowance while filing ITR. In such a situation, if your company does not give house rent allowance, then you can save tax by talking to the HR of the company.
5- Car Maintenance Allowance
Many companies give car maintenance allowance to their employees. In this, the employee is given car maintenance, petrol-diesel expenses and driver’s salary. In this you can get tax exemption every month. This can also be taken as reimbursement. With the help of this allowance, you get an opportunity to save tax on some of your extra salary.
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