Category: Tax Planning

Are you aware of the tax benefits corporate employees get?

In the past four years, the government's concerted efforts to expand the tax base have yielded substantial results, with an 80% surge in the number of tax returns filed. In 2017-18, the figure reached 6.85 crore, compared to 3.31 crore in 2013-14. Data released by the income tax department has unveiled a significant disparity between salaried individuals, whose taxes are automatically deducted, and non-salaried individuals.

Take Rajesh, one of our clients, for instance. He expressed dissatisfaction with the Budget 2018 when the finance minister increased the standard deduction to ₹40,000, and that too at the expense of the travel allowance. His discontent deepened when he learned about certain professionals who likely earned three times his income but managed to avoid paying taxes altogether. "Does the government even consider our concerns? We are among the most conscientious taxpayers, with taxes deducted at the source. What benefits are we entitled to?" he pondered.

This prompted us to shed light on the array of advantages accessible to salaried employees within the corporate sector.

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