Chennai-based S. Veeraswamy pays almost 12.5% of his income in tax because his salary structure is not tax friendly. However, his employer does not allow changes in the structure so there is very little wiggle room for him to save more tax. Even so, Taxspanner estimates that Veeraswamy can reduce his tax by over Rs 42,000 if the pay structure is rejigged, he saves more for … [Read more...] about Tax Optimizer: How NPS, study loan can help Veeraswamy save tax
Tax Optimization
Planning to change your job? Here are some money tips for you.
While changing jobs you must ensure that get all your pending salary dues along with gratuity dues, if any. One should also consider tax implications on issues such as premature withdrawal of PF accumulation. Are you looking for a job change or already in the process of joining a new company? Job change is a continuous process with all organisations making fresh hires and … [Read more...] about Planning to change your job? Here are some money tips for you.
NPS Can Help Staff Get 1-3% More at No Extra Cost to Companies
TAX ADVANTAGE Employees can save additional tax of up to 3% of their basic salaries if companies roll out the New Pension System. HR managers and CFOs struggling to retain talent without escalating wage costs might get help from an unlikely source this year. If companies roll out the New Pension System (NPS), their employees can save additional tax of up to 1-3% of … [Read more...] about NPS Can Help Staff Get 1-3% More at No Extra Cost to Companies
TaxOptimizer: Home loan, NPS can help salaried Thakur save tax
More than 10% of Vikram Thakur’s total income goes in tax. The Goa based manager is not able to claim full exemption for his house rent allowance because his rent is very low. His tax saving investments are also not optimised. TaxSpanner estimates that Thakur can reduce his tax by almost Rs 73,000 if the pay structure is rejigged, he saves more for retirement and also takes a … [Read more...] about TaxOptimizer: Home loan, NPS can help salaried Thakur save tax
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 surcharge. The dilemma of whether to take up the … [Read more...] about To Lower Tax Outgo Opt for ‘Consultant’ Status
