Make Full use of tax saving components
The only way a salaried person can increase his take home is to maximize his tax rebates and pay as less tax as possible. Reducing taxes is exactly what a businessman does to increase his profit and take home money. Income tax laws in India give ample of options to save tax. Restructuring your salary may not always be possible. But if your company permits, restructuring a few components could reduce your tax liability. Give your employer details loans and tax saving investments before hand, to prevent any excess deduction.
The only way a salaried person can increase his take home is to maximize his tax rebates and pay as less tax as possible. Reducing taxes is exactly what a businessman does to increase his profit and take home money. Income tax laws in India give ample of options to save tax. Restructuring your salary may not always be possible. But if your company permits, restructuring a few components could reduce your tax liability. Give your employer details loans and tax saving investments before hand, to prevent any excess deduction.
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