please suggest about Flexi bucket components which...
# compensation-and-benefits
a
please suggest about Flexi bucket components which save tax on Salary Structure for a private company in India.
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a
Thanks for asking Albus
Some tax-saving components of a Flexi bucket in a Salary Structure for a private company in India could include: 1. House Rent Allowance (HRA): This is a part of the salary provided by an employer to an employee to meet the cost of renting a home. 2. Leave Travel Allowance (LTA): This is the amount given to an employee for the expenses related to travel when they are on leave from work. 3. Books and Periodicals: This allowance can be used for purchasing books and periodicals related to one's profession. 4. Child Education Allowance: This is beneficial for employees who have children. 5. Gadget Allowance: This is a type of tax-saving allowance which can be added to the salary structure, under the Special Allowance component. It can be availed by employees through a Flexible Benefit Plan (FBP) by submitting incurred bills against the allowances which are part of the FBP. 6. Communication Allowance: This can be used for broadband and phone bills. 7. Fuel Allowance: This can be claimed against fuel expenses. Please note that these components can make the salary structure more tax-efficient, given there is a finance team to support and the number of employees is large.
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s
Hi Abhishek, You can save tax on following components in flexi bucket. 1. Food 2. Fuel allowance 3. Driver salary 4. Telecom allowance(phone and internet) 5. uniform allowance 6. Books and periodicals 7. Learning and development 8. Health and wellness 9. Gift up to 5k annually 10. Electronic gadget Advantage club can help you digitise and run efficiently all of these benefits Thanks Saurabh
k
Apart from this even employer nps is an additional component that helps save some good amount of tax
s
11. Corporate club membership 12. LTA Additionally - you can find the rules below https://incometaxindia.gov.in/charts%20%20tables/list_of_benefits_available_to_a_salaried_person_final.htm