Taxes on salary are inevitable for a certain limit but you can definitely take measures to reduce the amount of taxes paid. It may come as a surprise to you when you find larger part of your salary being deducted as taxes before you could even do anything.
Salary structure consists of taxable as well as non-taxable components. Basic Salary is normally 40%-50% of the CTC which is fully taxable while the remaining portion can be structured to make it tax-free. So if your CTC is Rs. 10 Lakhs then we could say around 5 Lakhs would be fully taxable and the remaining 5 Lakhs can be structured by portioning it to various allowances. A proper planning and a good tax structuring can save you from paying unnecessary taxes. Below are mentioned 10 ways which can help you to reduce the tax burden and increase your take away salary.Read more