hi all
i hav one very basic doubt as i never calculated salaries now i have to pay salary to one of my employee working in saudi arabia.
his salary is 58333 and he strted working frm 6th may 07 so how much will be his salry for may 2007?
From India, Hyderabad
1i hav one very basic doubt as i never calculated salaries now i have to pay salary to one of my employee working in saudi arabia.
his salary is 58333 and he strted working frm 6th may 07 so how much will be his salry for may 2007?
From India, Hyderabad
Hi Imtiaz!
I can let you know what we do in our company.
Suppose the person's salary is X
# of working days is 27 (we have this for workers) or 31 (we have this for management). You choose what ever you have in your company.
So you can use the formula:
((X/31)*(31-6))
We make all calculations based on this.
Regards,
Swati
I can let you know what we do in our company.
Suppose the person's salary is X
# of working days is 27 (we have this for workers) or 31 (we have this for management). You choose what ever you have in your company.
So you can use the formula:
((X/31)*(31-6))
We make all calculations based on this.
Regards,
Swati
Hi,
His monthly salary is 58333, right........
you can first calculate his per day salary which will be 58333/31 and that comes to 1882Rs.
and now, you can calculate this into number of days present, i.e. payable days- which will be 1882*26 = 48932.
this will be amount wil be given to him.....
From India, Thana
His monthly salary is 58333, right........
you can first calculate his per day salary which will be 58333/31 and that comes to 1882Rs.
and now, you can calculate this into number of days present, i.e. payable days- which will be 1882*26 = 48932.
this will be amount wil be given to him.....
From India, Thana
Hey !
for same example : he joined on May 7th , Hence you would need to pay him for 25 days .
Caluclutae his salary per day : Monthly salary discussed as per Offer letter / No of days in this month will give you a day's salary .
Hence in this case 58333/31 will give you one day's salary which is equal to
1881. 70 . Now caluclate for 25 days ok 1881.70*25 = 47042.74
You gotto pay him 47042 before deducting Professional Tax/TDS/Income Tax.
Any questions let me know
Cheers,
Gayathri
From India, Hyderabad
for same example : he joined on May 7th , Hence you would need to pay him for 25 days .
Caluclutae his salary per day : Monthly salary discussed as per Offer letter / No of days in this month will give you a day's salary .
Hence in this case 58333/31 will give you one day's salary which is equal to
1881. 70 . Now caluclate for 25 days ok 1881.70*25 = 47042.74
You gotto pay him 47042 before deducting Professional Tax/TDS/Income Tax.
Any questions let me know
Cheers,
Gayathri
From India, Hyderabad
Dear Reena
Every company has a different salary constituents. However I give an example of what a normal CTC components may look like. I have an excel sheet that will help you to calculate roughly your take away salary.
just fill in the CTC, Professional tax & the Income tax columns.
Regards
ms
From India
Every company has a different salary constituents. However I give an example of what a normal CTC components may look like. I have an excel sheet that will help you to calculate roughly your take away salary.
just fill in the CTC, Professional tax & the Income tax columns.
Regards
ms
From India
Hi MS,
Could you please help me with the salary Breakup of Rs.5.50 Lakhs p.a.
This is the annual salary. There is also a Performance incentive of up to Rs. 2.0 Lakh per year.
Kindly suggest a salary breakup so that my tax outgo can be minimised as much as possible. I have a home loan and am servicing an emi also.
Thanks
Jitendra
From India, Calcutta
Could you please help me with the salary Breakup of Rs.5.50 Lakhs p.a.
This is the annual salary. There is also a Performance incentive of up to Rs. 2.0 Lakh per year.
Kindly suggest a salary breakup so that my tax outgo can be minimised as much as possible. I have a home loan and am servicing an emi also.
Thanks
Jitendra
From India, Calcutta
Hi,
You can have this kind of breakup to save tax:
CTC 5.50 L-PA
BASIC--35% OF CTC--Fully taxable
HRA-50% OF BASIC IF IN METRO AND 40%OF BASIC-IF IN OTHER CITY(exempted upto certain limit on submission of rent receipt for 3 different months)
CONV. ALLOW:exempted upto Rs 800/pm
SPL ALLOW:REMAINING BALANCE OF CTC--fully taxable
ANY INCENTIVE--FULLY TAXABLE
LTA--EXEMPTED TWICE IN A BLOCK OF ANY FOUR YEARS
REIMBURSEMENTS
NEWSPAPER & PERIODICALS--EXEMPTED SUBJECT TO SUBMISSION OF BILLS
MEDICAL EXPENSES:--EXEMPTED UPTO RS 15,000/SUBJECT TO SUBMISSION OF BILLS
DRIVER SALARY--EXEMPTED SUBJECT TO SUBMISSION OF BILLS
VEHICLE MAINTENANCE---EXEMPTED SUBJECT TO SUBMISSION OF BILLS
PETROL--EXEMPTED SUBJECT TO SUBMISSION OF BILLS
MEAL VOUCHERS--FULLY EXEMPTED
MEDICAL REIMBIRSEMENTS--15,000/PA--TAX EXEMPTED
BELOW IS THE SAMPLE BREAKUP OF RS 5.50 L P/A
BASIC--192500
HRA---96250
CON ALLOW--800
SPL ALLOW--
REIMBURSEMENTS
NEWSPAPER--1000
PETROL--5000
DRIVER--5000
VEHICLE--6000
MEDICAL--1250
LTA-ONE MONTH OF BASIC
MEAL VOUCHER-2400
If u any further queries, just let me know.
KATYANA
From India, Gurgaon
You can have this kind of breakup to save tax:
CTC 5.50 L-PA
BASIC--35% OF CTC--Fully taxable
HRA-50% OF BASIC IF IN METRO AND 40%OF BASIC-IF IN OTHER CITY(exempted upto certain limit on submission of rent receipt for 3 different months)
CONV. ALLOW:exempted upto Rs 800/pm
SPL ALLOW:REMAINING BALANCE OF CTC--fully taxable
ANY INCENTIVE--FULLY TAXABLE
LTA--EXEMPTED TWICE IN A BLOCK OF ANY FOUR YEARS
REIMBURSEMENTS
NEWSPAPER & PERIODICALS--EXEMPTED SUBJECT TO SUBMISSION OF BILLS
MEDICAL EXPENSES:--EXEMPTED UPTO RS 15,000/SUBJECT TO SUBMISSION OF BILLS
DRIVER SALARY--EXEMPTED SUBJECT TO SUBMISSION OF BILLS
VEHICLE MAINTENANCE---EXEMPTED SUBJECT TO SUBMISSION OF BILLS
PETROL--EXEMPTED SUBJECT TO SUBMISSION OF BILLS
MEAL VOUCHERS--FULLY EXEMPTED
MEDICAL REIMBIRSEMENTS--15,000/PA--TAX EXEMPTED
BELOW IS THE SAMPLE BREAKUP OF RS 5.50 L P/A
BASIC--192500
HRA---96250
CON ALLOW--800
SPL ALLOW--
REIMBURSEMENTS
NEWSPAPER--1000
PETROL--5000
DRIVER--5000
VEHICLE--6000
MEDICAL--1250
LTA-ONE MONTH OF BASIC
MEAL VOUCHER-2400
If u any further queries, just let me know.
KATYANA
From India, Gurgaon
My Company is new. Salary structure is to be modified. The heads in use are:
Basic Salary, HRA, City Compensatory Allowance, Conveyance Allowance, Fuel & maintenance Reimbursement, Chauffeur Allowance, Car Lease / Laptop reimbursement, Other Reimbursements, Children's Education Allowance, Special Allowance, LTA, Medical Reimbursement, Bonus Pay, Performance Pay (fixed component, but payable annually), Employer's PF Contribution.
Company Car plus fuel plus maintenance - (mentioned in case of certain employees)
Other remarks on the Salary slip are:
All taxes and deductions are applicable as per Government Regulations.
Benefits are applicable as per Company Policy.
Work Tools - SIM Card for Mobile. Laptop
Please advise on the following:
1. Are these heads correct?
2. What all heads form part of the Gross Monthly Salary?
3. Which heads do not form part of the Gross Monthly Salary, but are included in the Annual CTC?
4. Any other observations.
Thanks!![/list][/list]
Basic Salary, HRA, City Compensatory Allowance, Conveyance Allowance, Fuel & maintenance Reimbursement, Chauffeur Allowance, Car Lease / Laptop reimbursement, Other Reimbursements, Children's Education Allowance, Special Allowance, LTA, Medical Reimbursement, Bonus Pay, Performance Pay (fixed component, but payable annually), Employer's PF Contribution.
Company Car plus fuel plus maintenance - (mentioned in case of certain employees)
Other remarks on the Salary slip are:
All taxes and deductions are applicable as per Government Regulations.
Benefits are applicable as per Company Policy.
Work Tools - SIM Card for Mobile. Laptop
Please advise on the following:
1. Are these heads correct?
2. What all heads form part of the Gross Monthly Salary?
3. Which heads do not form part of the Gross Monthly Salary, but are included in the Annual CTC?
4. Any other observations.
Thanks!![/list][/list]
Dear Katyan
Thank you very much for your valuable contribution on Cite HR.
May I clarify one thing from your designed salary break-up that if we put some specific amount in the head of Petrol & Driver Re-imbursement than whoms name should a car either employer or employee name.
Please clarify.
Thanks
Defender Kr. Sharma
From India, Delhi
Thank you very much for your valuable contribution on Cite HR.
May I clarify one thing from your designed salary break-up that if we put some specific amount in the head of Petrol & Driver Re-imbursement than whoms name should a car either employer or employee name.
Please clarify.
Thanks
Defender Kr. Sharma
From India, Delhi
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Salary-Note.doc
SALARY SHEET CALCULATION.xls