Spending is the new saving!

Savings in the form of discounts, freebies, offers and points have proven to be effective to attract buyers. Have you wondered if you could save on taxes through spending?

Traditional tax savings comes with Investments on Insurance, Mutual funds and Pension funds. However, we have an alternative now. It will be a step before investments. Especially when we start our career where we are not able to set aside significant funds for investments, this can come handy. So why not utilise flexible benefit allowances to reap the sweet fruit of the Income Tax Exemptions?

Income tax rules specify that certain allowances that are paid by employers and attributed to business needs are exempt. These are popularly referred to as Flexible Benefit Allowances.

These benefits can be cumbersome to claim especially when there is lack of guidance and time management. This irksome process led some corporates to provide special allowances that are not exempt from tax instead. Tax Exemptions can be claimed on the amount?spent under FBA by providing relevant proofs and this saving can further be used to invest and spend.

Do you want to know how to reduce paying taxes without making any alteration in your expenditure using Flexible Benefit Allowances?

A step before saving is to spend rightly and rightfully.

An app offered by?Figital Technologies, that tracks your expenditure on flexible benefit allowances provided by your organization. The list of flexible benefit allowances provided by the employer are allowable exemptions as per Income Tax Act, which means that an employee can spend the allowances undoubtedly and also claim tax exemption on the same.

Figital Technologies is a Neo Banking Fin-Tech Start-up which provides digital solutions aimed at Holistic Employee Financial Wellness. The start-up has introduced De’tax Solutions -a digital adoption platform which provides financial wellness solutions that encourages an employee to have healthy habits around spending and saving. It offers you the freedom to spend the flexible benefit allowances without any restriction in your spending habits. This transformative digital experience adds to your convenience.

The De-Tax App records the flexible benefit allowances and tracks the authenticity of expenses by allowing the user to upload the bills for such transactions. The list of items under flexible benefit allowances?include?Gadgets, House Rent Allowance, Leave Travel Allowance, Health and Wellness, Fuel and Travel, Learning, Books and Periodicals, Meals, and Communication.

Benefits of De-Tax Solutions:

• All in One Card: One card that helps manage all the expenses incurred relating to flexible benefit allowances.
• Customized Changes in Allowances: The users can change the expense limit of allowances up to the amount of total Flexible Benefit Allowance allocated to them by the employer.
• Increase in Take Home Income without Change in CTC: Due to tax exemptions gained by?spending flexible benefit allowance, it leads to more cash in hand.
• Tax Savings: Spending the entire flexible benefit allowances allocated, provides the users to avail tax exemption which reduces the total tax payable by the user.

Stay tuned to know more.