Dear All,
I am working in IT and I avail FBT. I want to ask a question regarding this. The amount which the company pays me as FBT is not reflected in the monthly salary slip. As the finance dept. says it's not part of taxable salary. So e.g. if the CTC is 6L per annum and a person avails FBT of 10k per month (1.2L per annum) then the salary slip shows 6L - 1.2L = 4.8L. But the increment letters etc have CTC mentioned as 6L. Also the salary gets credited on last working day of every month but the FBT part get credited on 7th of every next month (following the salary month). Now my question is that during job change does this matters that my CTC is say 6L but the salary slips show 4.8L. Though the remaining component gets auto credited in my bank A/C as 'Reimburesment' and all the increment letters etc has the correct CTC amount mentioned?
Thanks in advance for valuable feedback.
Kind Regards,
Deepak
From India, Delhi
I am working in IT and I avail FBT. I want to ask a question regarding this. The amount which the company pays me as FBT is not reflected in the monthly salary slip. As the finance dept. says it's not part of taxable salary. So e.g. if the CTC is 6L per annum and a person avails FBT of 10k per month (1.2L per annum) then the salary slip shows 6L - 1.2L = 4.8L. But the increment letters etc have CTC mentioned as 6L. Also the salary gets credited on last working day of every month but the FBT part get credited on 7th of every next month (following the salary month). Now my question is that during job change does this matters that my CTC is say 6L but the salary slips show 4.8L. Though the remaining component gets auto credited in my bank A/C as 'Reimburesment' and all the increment letters etc has the correct CTC amount mentioned?
Thanks in advance for valuable feedback.
Kind Regards,
Deepak
From India, Delhi
Actualy FBT will not affect your CTC
BCZ FBT PAID THR ONLY COMPANY - THEY DIDN'T DEDUCT THE SALARY AND ANY ONE.
ie. The company agreed to pay the conveyance 1200 pm. means the company should paid to employee 1200 pm and 1200*20%=240*33.99%=81.00 paid to FBT - IT'S shouldn't affect the employee payment.
Rgds
E.Shankar
From India, Madras
BCZ FBT PAID THR ONLY COMPANY - THEY DIDN'T DEDUCT THE SALARY AND ANY ONE.
ie. The company agreed to pay the conveyance 1200 pm. means the company should paid to employee 1200 pm and 1200*20%=240*33.99%=81.00 paid to FBT - IT'S shouldn't affect the employee payment.
Rgds
E.Shankar
From India, Madras
Hi Folks,
Few of the companies deduct FBT from employee's salary only. Company is giving a benefit to employees by introducing "Reimbursements".....why would company pay for the FBT....................
Deepak, in this case, the reimbursement details are never mentioned on the salary slip.....there is a separate reimbursement slip which should be issued which has alll the details of the reimbursements which you are getting as a part of your salary. This is a good chance for you to probably propose the idea of the reimbursement slip......lot of companies are doing this.
Regards,
Chanda
From India, Delhi
4Few of the companies deduct FBT from employee's salary only. Company is giving a benefit to employees by introducing "Reimbursements".....why would company pay for the FBT....................
Deepak, in this case, the reimbursement details are never mentioned on the salary slip.....there is a separate reimbursement slip which should be issued which has alll the details of the reimbursements which you are getting as a part of your salary. This is a good chance for you to probably propose the idea of the reimbursement slip......lot of companies are doing this.
Regards,
Chanda
From India, Delhi
I think, Company has given you appointment letter where CTC has been mentioned as rs 6.00 lakh. The bifurcation of 4.80 and 1.20 lakh is after joining. I think the Company is deducting FBT on reimbursement and paying balance amount to you. You can very well explain this at the time of new joining. Saying CTC is Rs 6.00 lakh and give supporting of 4.80 and reimbursement of Rs 12000- FBT of Rs 8157 deducted by the Company.
Hope you are clear now
Thanks
Rajendra Zanpure
From India, Mumbai
Hope you are clear now
Thanks
Rajendra Zanpure
From India, Mumbai
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