3 Best Strategies To Increase Your Tax Savings This year


BANGALORE: If you are like most people, you would like having extra money. There's probably a pretty good chance that you also like to keep the government from taking more of your money than absolutely necessary. If you definitely need to take home more money now, here's how to increase your take home pay.

Let’s find out some of the tax-saving strategy for this year to maximize your take-home pay:

1. Get your structure right  

Wherever possible, spread your income across people and structures to give you the lowest overall tax rate. This can be done using family members, trusts, company’s and superannuation funds. This is definitely a long term strategy and not something that can be done at the last minute. Overall this is the most effective strategy to minimize your tax bill.

Restructuring your salary may not always be possible. But if your company permits, or if you are on good terms with your HR department, restructuring a few components could reduce your tax liability.