In April 2018, and all your employee salary structures underwent an overhaul to accommodate the Standard Deduction that Budget 2018-19 has reintroduced. Now your employees get a flat deduction of Rs 40,000on their taxable salaries, in lieu of medical reimbursements and conveyance allowance.
The bittersweet deal here is that while a tonne of paperwork has been reduced for HR managers with these benefits gone, two of the most well-received tax-saving components have been taken away from employees. Also, the Standard Deduction does not imply more tax savings for them.
One of the key factors influencing employee engagement and retention is the kind of benefits available to employees. NOW is the time to make salary packages more lucrative. We bring you a ready reckoner that gives you an overview of the other tax-saving employee reimbursements you can add to your employees’ pay structures.Take a moment to look at some of the most important employee reimbursements that can help you make salary packages more appealing and increase employee take-home by as much as Rs 80,000 a year.
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