Tax Savings Guide for Salaried Employees

There is one word that has become a fear factor for any salaried employees – tax. While the underlying reason for the implementation of taxation might be understandable, it still doesn’t mean that letting go of one’s hard-earned money becomes easier. After all, the fact of the matter is that there are many expenses that need to be taken into account, and tax-savings is a major one when it comes to calculating the overall savings.

This calls for employees to figure out the best course of action that can be taken to facilitate a certain level of tax-savings. Keeping this in mind, here are some of the most common ways through which one can save taxes!

1.     Tax-Saving Fixed Deposit: Opening a fixed deposit account is highly recommended for many reasons. From assured returns to risk management, there are many benefits that can be enjoyed by going for this method. However, when it comes to the topic of tax savings, there’s one form of fixed deposit account that can help in achieving this goal with relative ease. This account is creatively named a Tax-Saving Fixed Deposit, and will help individuals save up on tax for a maximum amount of Rs. 1 lakh for one fiscal year.

2.     Public Provident Fund (PPF): Public Provident Fund is one of the most prevalent ways that is utilised to save up on tax. This long-term investment scheme is backed by the government, and the interest rates and returns provided by this technology are completely exempt from any form of tax, making it one of the most lucrative forms of investment around.

3.     Digital Employee Benefits: The concept of employee rewards has been prevalent in multiple organisations, but these offerings have been completely altered with the advent of a rapidly-evolving digital age. Now, organisations like Sodexo are providing services like the Sodexo Meal Pass and the Sodexo Premium Pass, which helps employees save up on tax. These Sodexo benefits are just a few of the many offerings that any employee should keep a lookout for if they want to enjoy great tax savings.


Last-minute planning will yield no benefits in any department, and taxes are not an exception to this golden rule.  By following the above ways to save taxes, salaried employees will be able to plan their expenses better and enjoy tax savings to the optimum. 
Location: India

Comments

Post a Comment

Popular posts from this blog

5 ways to improve employee productivity at workplace

Image
The success of an organisation is dependent on the employees. Being the key asset of an organisation, a motivated employee will work towards driving business profits to improve enhanced customer satisfaction. An organisation needs to work towards engaging the employees continuously. Every scheme needs to be tailored to improve employee motivation and involve them in the workplace activities. Let us look at the ways in which employee workforce productivity can be increased. 1. E-Learning E-learning in the corporate world helps employees to learn about what they are selling to provide practical experience. As employees are focused on the sales incentives, E-learning is a way to help them gain vital knowledge and make opportunities for growth. 2. League tables A league table shows employee rankings as per their performance during a period. To make things more interesting and to foster a sense of competitiveness among employees, league tables are useful. These
Read more

Why you should consider gift cards as incentives for your business?

Image
Gift vouchers are quickly being adopted by various industries due to the various benefits that a business can enjoy as a result of this particular service. Basically, what gift cards allow you to do is let you choose the product of your choice at certain retail stores that allow for this particular service. By showing what can be described as a gift pass , an employee is provided the option to choose from a number of gifts as opposed to a single pre-decided choice. Companies like Sodexo provide their own types of gift passes (like Sodexo gift vouchers) which have been proven to be valuable and powerful incentives. Gift cards serve as a powerful incentive for the business, and here are a few reasons why this is the case: Provides freedom of choice: While employees would certainly appreciate physical gifts that the employers have pre-decided for them, the fact of the matter is that it’s virtually impossible for companies to be able to figure out exactly what each and every one
Read more