How professional Mavalankar can save tax via NPS, rejigging perks

The medical reimbursement and conveyance allowance in her salary are now taxable following the introduction of standard deduction. These can be replaced with the magazine and newspaper allowance and a higher telephone reimbursement. These perks are tax free against submission of actual bills. This rejig will save her about Rs 10,600 in tax. Income from […]

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To Lower Tax Outgo Opt for ‘Consultant’ Status

Are you considering shifting from an employment arrangement with your company to a ‘consultant’ status to lower tax outgo leading to higher take-home package? As consultants you are required to pay a flat 10 percent tax on income while an employee is taxed as per applicable slab, the highest being 30 per cent along with […]

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