Digital way to save tax
This post is related to something which I have previously written on how employers can help you in your personal finance. This deals with money to be saved via taxes.
Zeta is a fin-tech startup which has come up with a digital solution which employers can adopt and help employees to save on taxes. This helps employees to save taxes on various allowances prescribed under the income tax act.
Your salary structure is divided into a lot of part like basic salary, HRA, LTA, etc. A certain proportion of this salary can be exempted like – medical reimbursement, LTA, on fuel, etc.
This all requires a lot of paperwork for the proof record and HR’s generally hate this. They want you to pay more taxes as this will reduce their workload. 😛 Well, no offenses to the HR’s reading this…
Zeta helps you do all this digitally with limited to no paperwork and store all this in a centralized location. Also, verification of digital format can prove to be easy and fast.
Tax Benefits which an employee can avail are –
- Meal Vouchers – Buy food and non-alcoholic beverages, completely tax-free. What’s not to love. Upto Rs 4500/- pa.
- Medical Reimbursements – Claim tax-free reimbursements on medicines, doctor’s fees and medical procedures. Upto Rs 12000/- pa.
- Fuel and Travelcard – Purchase fuel at petrol pumps and service stations and claim reimbursements using Zeta Optima. Upto Rs 8600/- pa.
- Gadget card – Buy computers, laptops, and other electronics items, tax-free. Upto Rs 18,000/- pa.
- LTA card – Enable employees to claim expenses incurred on all modes of transportation. Save about 30% in Taxes.
All this can be done without Zeta but Zeta offers it all under one umbrella and also it’s paperless. Saves employers a lot of efforts.
Zeta also provides you with a Super card which can be used just like your debit cards where all your money is stored (pre-paid card) which your employer has transferred. one can also transfer more cash if need be.
It also offers a digital wallet and has special offers linked with quite a few e-commerce websites.
Employers can adopt to Zeta platform completely free of cost.
Have some thoughts/ insights – pls do share via. comment.