Meal coupons are provided by the employer on an amount calculated for two meals per working day. The basic salary of every employee is fixed and credited to the account of the employee subject to a tax deduction. Typically, a salary package would look like: In the last Budget 2021the government had announced that proceeds from ULIP shall be taxable if the annual premium exceeds Rs 2.5 lakh in any year of the term of the policy. The CBDT has issued guidelines for the calculation of taxable income if the annual premium of ULIP is more than Rs 2.5 lakh. Salaried employees can claim the benefit of the components by submitting proofs to their employer. While certain components are fixed, employees can claim tax benefits on other components included in the salary package. Many employers offer the option to structure the salary components to their employees. The salary package consists of various components. Thus, the monthly salary receipts would be credited after the tax deduction. The employer also deducts a tax (TDS) on the salary paid to them. The taxability of the salary income is determined by the employer. The salaried are normally offered a salary package or CTC (cost to company).
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