However, you can soften the blow from the latter, legally of course.It starts with knowing the difference between your salary income and total income and includes minimising tax on allowances that are part of your salary. Interest from NRE accounts, PPF account etc*Income earned through investments in the name of a child (below 18 years). *Your salary level.Depending on a combination of factors, you may check with a tax advisor which is more beneficial to you — claiming HRA or living in flat provided by employer.You and your family’s travelling expenses on an annual holiday within India are eligible for a tax break. However, if you withdraw prior to completion of 5 years of service, the withdrawal becomes taxable under various heads of income. You will be entitled to receive gratuity after rendering 5 years of services and any such payment on termination or retirement is tax exempt up to a maximum of 10 lakh in a lifetime.

Source: Economic Times February 02, 2017 05:48 UTC