There are various elements that you can make use of to reduce the burden of taxation during the end of a financial year. Some of these elements are provident fund, Housing Rent Allowance (HRA), free of cost meals, and telephone bill reimbursement.
Your salary comprises of different incomes heads. This can be basic salary, bonus, gratuity, encashment of leave, advances or arrears, pension, commissions if any, HRA, perquisites, shift allowances, etc. The total income of all these heads will be considered as the salary income. This salary income is taxable as per the individual tax slabs.
Make sure your employer has included these components when you receive your salary structure. These components help in reducing your taxable income helps you save on your taxable amount payable to the government.
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