Mumbai: For the salaried employee saving tax has always been a priority. Zeta, a fin-tech start-up, is revolutionising the Employee Tax Benefit and Rewards space and is empowering companies to increase their employees’ salaries by up to Rs 30,000 without increasing the CTC or increasing company costs.
Meal vouchers, medical reimbursements, gift cards and asset reimbursements are four law-compliant tax-saving instruments that can help companies increase their employees’ net take-home salaries by a significant amount. However, an estimated 10lakh of the four crore salaried professionals in the country benefit from such tax benefits. This lack of adoption is due to the cumbersome processes and tedious paperwork involved in filing claims and processing reimbursements for both employers and employees.
Zeta’s digital platform along with its wide merchant acceptance network now makes the entire process very easy for both employers and employees.
HR Managers are connected to their employees’ Zeta accounts through a web-based interface. This allows them to distribute meal vouchers, medical reimbursements and other tax saving instruments instantly, across geographical barriers, thereby helping them save up to 90 percent of operating time and resources.
Employees can access these grants and transact via the Zeta app on their smartphones or via a physical Mastercard-powered – Zeta Super Card – both of which are linked to their Zeta account.
They can use these grants at a wide number of stores and upload bills on the go, thereby doing away with the trouble of carrying bulky booklets or storing bills.
The combined effect of Zeta’s solutions could result in savings of up to Rs.30,000 in taxes, annually. This amount is computed considering a 30% tax savings in each of these elements.
While this space has remained largely unchanged so far, Zeta’s disruptive, completely paper-free and 100 percent compliant solutions are revolutionising the way organisations and employees deal with tax savings, rewards and benefits.
*The calculations are approximate values and computed for an employee in the 30% tax bracket. The savings may vary basis company policy and individual tax brackets.
· *For Meal Vouchers : The calculation takes into account INR 135 per day for a 5.5-day work week) – (Law provides for INR 50 per meal + INR 35 for tea & snacks)
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2014 The Global Indian New Network (TGINN)