Unlock Savings: Your Salary Slip Holds the Key to Thousands in Tax Savings!

• Not all allowances on your salary slip are tax-free; HRA and LTA exemptions depend on specific conditions and documentation.
• Your take-home salary differs from taxable income; company PF contributions over 7.5 lakhs and perks like company cars are taxable.
• Salary slips show mandatory deductions (EPF, TDS, Professional Tax), but tax-saving investments (PPF, ELSS, insurance) require timely document submission to HR for exemptions.
• TDS is an advance tax; your final tax liability is determined during ITR filing after considering all income, exemptions, and deductions.
• Choosing between Old and New Tax Regimes impacts savings; understand their differences and make an informed decision at the start of the year.