ITR Filing: While filing Income Tax Return, every person thinks about how to save tax. In the budget, under the new income tax regime, there has been an announcement of no tax on taxable income up to Rs 12 lakh. In such a situation, let us tell you that the biggest contribution in saving tax is of all the reimbursement or allowance, which are tax free and save your money.
ITR Filing: In such a situation, when you join a job, get them included in your salary, so that you can get maximum benefit. Let us know about 7 such allowances, which save a lot of your money as soon as they are included in the salary (How to save tax by changes in salary).
1- Traveling or conveyance allowance
Transport allowance or travelling allowance or conveyance allowance covers the cost of commuting between your office and home. Although most companies give this allowance to their employees in their salary, some companies do not. If this is not a part of your salary, then include it, so that you do not have to pay tax on that money and you can benefit.
2- Food coupon or entertainment allowance
Food coupon or meal voucher or Sodexo coupon also saves your tax. In some companies it is also called entertainment allowance. Not every company gives this allowance, so if it is not included in your salary, then check the company’s policy once and know whether it can be included or not. Many companies give entertainment allowance of about Rs 2000 every month. You just have to show the food bill of Rs 2000 to the company and you will get its money back without any tax deduction. In this way, you can save tax on about 24 thousand rupees in a year. If you fall in the tax bracket of 30 percent, then you will get a benefit of about Rs 7,200.
3- Car Maintenance Allowance
There are many companies that also give car maintenance allowance to their employees. Under this allowance, the employee is given the cost of car maintenance, its diesel or petrol and even the driver’s salary. If you also have a lot of expenses on the car, then you can talk to your company’s HR for it. If you get car maintenance allowance, then you will not have to pay tax on it.
4- Mobile Phone and Internet Allowance
Under this allowance, you get reimbursement of mobile phone and internet bills. That is, whatever you have spent on this, the company gives it to you up to a certain limit without deducting any tax. This reduces your taxable income and you benefit.
5- Uniform Allowance
Very few companies give this allowance to their employees. You can talk to your company and if uniform allowance is available there, then you can get it included in the salary. This money is given by the company to the employees to maintain the expenses of uniform, on which no tax is levied.
6- Medical Allowance
Some companies also give medical allowance to their employees. Under this, the employee can reimburse his or his family’s medical expenses. If this allowance is not included in your salary, then get it. This allowance will be of great help to you, because it will save tax and also keep the family’s health good.
7- Newspaper/Magazine/Book Allowance
There are many jobs in which reading newspapers, magazines or books is required. Media is also one of them. Such companies provide allowance to their employees up to a fixed limit. If you are also in any such company, then you can get it included in your salary and save tax.
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