The Economic Times
English EditionEnglish Editionहिन्दी
| E-Paper
Search
+
    ETWealth

    Want to save tax? Here's how your employer can help

    How employers can help save tax
    1/5

    How employers can help save tax

    By simply providing expert guidance and a tax-friendly salary structure, a company can not only help its employees optimise their tax, but also boost employee loyalty.

    ThinkStock Photos
    Where to begin?
    2/5

    Where to begin?

    Some people may not be aware of the exemptions they are eligible for or the various deductions they can claim. Others may know about tax matters, but could be going wrong in their investment choices. So this is the best time for a company to engage with its employees and help them optimise their tax planning.

    ThinkStock Photos
    What companies can do
    3/5

    What companies can do

    Instead of spending crores on trying to acquire and retain talent, employers can redesign their pay packages so that the individual's tax liability is reduced to the minimum. Things like the inclusion of New Pension Scheme (NPS) benefit in the salary structure. They can also arrange for tax planning sessions for employees where professionals counsel them on the best ways to reduce their tax liability.

    ThinkStock Photos
    Don't self-medicate, seek expert help
    4/5

    Don't self-medicate, seek expert help

    Many taxpayers tend to manage their own tax affairs, without seeking expert help. Just as self-medicating is not advisable when one falls ill, the do-it-yourself approach can prove to be costly. Remember, a tax professional will offer updated and accurate advice based on latest rules and regulations.

    ThinkStock Photos
    Tax optimisation, not tax evasion
    5/5

    Tax optimisation, not tax evasion

    Paying tax is good, but saving tax is better, and saving tax with expert guidance to reach one's goals is the best. So the tax-saving suggestions offered by tax experts should not be construed as attempts to evade tax.

    ThinkStock Photos
    The Economic Times
    X
    User