Four Things you may not know can cut your Income Tax.

(1)  Restaurant Bills :-     some part of the salary can be paid in the form of food coupons. you can get a part of your salary at ₹ 50 a meal for 22 working days and up to two meals a day. That sums up to ₹ 2200 a month . If someone falls in the 30% tax bracket then this could save up to ₹ 7920 annually in taxes.

(2)  Expenditure on your vacation : –   when you purchase tickets for vacation travel then the expenditure on tickets can be claimed as leave travel allowance ( LTA) . There is no ceiling on how much LTA can be claimed so it become more interesting . But the fare of your flight must not cost more than the national carrier for the same route . Also this claim is allowed twice in four years . For example if you are planing a trip to manali and your tickets coast you around 21,000 including your spause then you can get benefit of 7000 if you fall in 30% tax bracket . But this claim is only for travel with in India . Important thing is it only covers travel fares not the boarding , lodging and other expenses.

(3) HRA (House Rent Allowance ) :-   HRA is given by your employer to cover the house rent paid by you. But working with your employer to fix HRA could be great deal to save tax . But you should have all rent receipts and the agreement with your landlord to avail the tax benefit . But if you go for home loan and want tax benefit on interest paid instead of HRA than watch carefully because  the interest is steep and tax benefit on interest is restricted to tax save on 2 lakh annually. So the choice is yours.

(4) Official Reimbursements : –  If your employer agrees to make some part of your salary as reimbrusements then this could be a tax saving route . Like phone bills, cab expeses etc . Suppose you get 60,000 annually as reimbursement than you save 20,000 straight if you are in 30% bracket .

So, this is for you read to have an upper hand in tax savings . Read again to become a master . Thanks for the patience .

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