Are you aware of the tax benefits corporate employees get?
In the last four years, the government’s efforts to widen the tax base resulted in an 80% jump in the number of returns filed to 6.85 crore in 2017-18 from 3.31 crore in 2013-14. Data released by the income tax department showed a massive gap between the salaried whose taxes are deducted and the non-salaried. Rajesh, a client of ours, was unhappy with the Budget 2018 when the finance minister raised standard deduction to ₹40,000 and that too in lieu of travel allowance. He felt worse when he read about some professionals who probably earned three times his income and yet do not pay tax. “Does the government even listen to us? We are the most honest taxpayers and our salaries are deducted at source. What benefits do we get?” he asked. This is when we decided to tell him about the benefits available to salaried employees in the corporate sector.