But salaried employees would get a higher monthly tax relief as companies would have to allow higher deductions and the revised slabs for eight months instead of the usual 12 months as the Budget was presented only in July. Except in election years, the Budget is traditionally presented in February for the ensuing financial year.For instance, a person with a taxable income of Rs 10 lakh would get an additional tax relief of Rs 25,750 if he utilizes the entire limit under Sec 80C as well as deductions on interest on housing loan for self-occupied property. In a normal year, the person would have received a tax relief of around Rs 2,150 per month. Though the total annual tax relief is the same, the salaried person would get a relief of about Rs 3,220 per month on a proportionate basis for eight months.”While our employees have already made a declaration at the beginning of the fiscal based on the prevailing tax laws then, they would now have to submit a letter with the relevant documents to the finance department if they want to lower their tax liability,” said C VR Rajendran, CMD, Andhra BankBSE -0.36 % said. The bank has more than 20,000 employees.”Once they provide evidence by the end of the year, they would get the appropriate tax relief based on the submissions,” G Srinivasan, CMD, New India Assurance, said. The insurer employs more than 20,000 persons across India.But personal finance advisors state that the revised declarations are not a major issue as far as big companies are concerned. “The proposed declaration forms in big companies are electronically enabled and they would now resort to some software change for employees to log in and make the revised declarations,” personal finance advisor Kartik Jhaveri said. “Such a declaration is automatically linked to the payroll of the employee electronically and the employee would stand to gain gain from tax benefit if any,” he stated.

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