Creating a tax friendly CTC for employees can be challenging for the HR personnel. An ideal compensation structure has a pay structure from which the employee can save money and have tax benefits under section 80d. Such CTC can also be beneficial for the employer due to the variable components.
Broadly, the CTC can be categorized into - basic, allowances, and perquisites. For every component, the tax benefit and the employees tax burden will vary.
Individuals can save tax on preventive health check-up while for a company, the health check-up works as an important and engaging perk for its employees. Many companies are choosing to add corporate wellness programs and preventive health check-ups in the CTC as an effective medium of connecting with the employees. Such initiatives create a strong bond between the organization and its employees which further boosts productivity and healthy work culture.
When tax payers think about deductions under section 80D, they can have tax benefits for the amounts paid for health insurance and preventive health checkups they take up for self, family or parents. Through a corporate wellness plan included in the CTC, an employee can save tax on preventive health check-up
It is important to check the employees’ health & absenteeism to boost productivity and don’t let taxes bite into their earnings. Fill the query form to know more about how a corporate health check-up can be an easy and effective tax saving idea!