A survey was undertaken to understand the perceptions and realities that employers and employees encounter in administering and utilizing tax benefits. This report collects insights from the survey and investigates the financial overtones of running an employee benefits programme in a company.
Tax benefits like Fuel and Telephone Reimbursements, LTA (Leave travel allowance) and others, which are part of an employee’s CTC (Cost to company) can be an effective route to tax-savings on salary incomes. Restructuring salaries to include these tax benefits can boost an employee’s take-home pay without costing the company. But there were many questions about their implementation in Indian companies that needed to be answered.
How do companies view employee tax benefits? How do they administer? What does it cost them? How can they be better? Are employees aware of these benefits? Do they opt-in? Are both sides fully aware of the financial implications? Over the course of a few months, a lot of answers were received, a lot of insight gathered.
Decision makers in 194 companies were surveyed for these insights. Findings were unearthed that related to the type of benefits provided, the means of disbursement, the employee-experience, problems with claims and verifications and so on.
This report proves how employee tax benefits have financial implications on the bottomline of a company. By addressing issues such as employee productivity, cost of human resources, logistics costs, time-consuming paperwork, record-keeping and storage,it lays out the financial costs of running tax benefit programmes and the potential savings of getting it right.
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