Hi, I need to design a salary breakup of 29.40 lacs per annum take home and need to make it employee and employer friendly. Please help....
From India, Mumbai
From India, Mumbai
Hi,
salary braek up for 29.40 will be.....
Breakup of salary:
Basic : 147000(245000*60%)
hra :58800 (basic*40%)
other allowance :39200(difference amnt)
total deductions:
Pf :780
pt: 200
tds:30% per annual income
earned salary-total deductions = [salary payable]
From India, Hyderabad
1salary braek up for 29.40 will be.....
Breakup of salary:
Basic : 147000(245000*60%)
hra :58800 (basic*40%)
other allowance :39200(difference amnt)
total deductions:
Pf :780
pt: 200
tds:30% per annual income
earned salary-total deductions = [salary payable]
From India, Hyderabad
as per some company norms they take basic 6500 as basic salary slab 6500 for that pf is 780 some times it may differs from company to company
From India, Hyderabad
From India, Hyderabad
Hi,
For such big amount, CTC has to be structured in such a way that the employee is benefitted max. from tax implications.
I would suggest you to follow the below structure.
1. Basic - 40% of CTC
2. HRA - 50% of Basic in case of metros or 40% of basic for non-metros. Rent receipts can be used for tax rebate.
3. Conveyance - Rs.9600/- p.a. (Alternatively, Fuel & Maintenance charges upto 20,000/- p.m. can be claimed as tax free if he/she owns a 4 wheeler or 5000/- p.m in case of 2 wheeler) If Fuel & Maintenance charges are availed, the conveyance allowance can not be availed.
4. Medical Assisatnce - Rs.1250/- p.m (subject to production of proof)
5. Food coupons - Rs.2700/- p.m tax free
6. Gift Vouchers - Rs.5000/- p.a. tax free
7. Children Edu. Allowance - Rs.100/- p.m. per child (max 2 children) tax free
8. Club Allowance - upto 2L p.a. tax free (Health clubs/holiday clubs with ID card and payment receipt can be claimed for tax rebates)
9.LTA - upto 2 basics (tax benefit twice in a block of 4yrs, subject to production of Air/Train tkts for self and dependents)
Pon
From India, Lucknow
For such big amount, CTC has to be structured in such a way that the employee is benefitted max. from tax implications.
I would suggest you to follow the below structure.
1. Basic - 40% of CTC
2. HRA - 50% of Basic in case of metros or 40% of basic for non-metros. Rent receipts can be used for tax rebate.
3. Conveyance - Rs.9600/- p.a. (Alternatively, Fuel & Maintenance charges upto 20,000/- p.m. can be claimed as tax free if he/she owns a 4 wheeler or 5000/- p.m in case of 2 wheeler) If Fuel & Maintenance charges are availed, the conveyance allowance can not be availed.
4. Medical Assisatnce - Rs.1250/- p.m (subject to production of proof)
5. Food coupons - Rs.2700/- p.m tax free
6. Gift Vouchers - Rs.5000/- p.a. tax free
7. Children Edu. Allowance - Rs.100/- p.m. per child (max 2 children) tax free
8. Club Allowance - upto 2L p.a. tax free (Health clubs/holiday clubs with ID card and payment receipt can be claimed for tax rebates)
9.LTA - upto 2 basics (tax benefit twice in a block of 4yrs, subject to production of Air/Train tkts for self and dependents)
Pon
From India, Lucknow
Dear Miss. Shanti D. Please find excell sheet for salary break-up. Most of the companies are using this type of salary break up only. It may usefull for u & other members too.
From India, Bangalore
From India, Bangalore
dear sir, i want know about pf deduction that does pf conntribution amount taxable amount or not and how much can withdraw pf amount one time in % warm regards, sanju singh
From India, Hyderabad
From India, Hyderabad
Dear respected sir
i had taken 1st manpower contract in a company
in our state minimum wages of unskilled is 3850(basic + dearness amount)
i want to know what will the minimum basic salary of unskilled labour..?
and also want to know value on which i have to calculate esic & pf ..?
Thanks & Regard
Pawan Kumar Dhiman
From India, Dehra Dun
i had taken 1st manpower contract in a company
in our state minimum wages of unskilled is 3850(basic + dearness amount)
i want to know what will the minimum basic salary of unskilled labour..?
and also want to know value on which i have to calculate esic & pf ..?
Thanks & Regard
Pawan Kumar Dhiman
From India, Dehra Dun
Hi Mr. Pon 1965,
Bit confused on your post. Could you please clarify the following for me with reference to Income Tax Act and decided case laws?
a) Fuel & Maintenance charges upto 20,000/- p.m. can be claimed as tax free if he/she owns a 4 wheeler or 5000/- p.m in case of 2 wheeler
b) Food coupons - Rs.2700/- p.m tax free
c) Club Allowance - upto 2L p.a. tax free (Health clubs/holiday clubs with ID card and payment receipt can be claimed for tax rebates)
Thanks and Regards,
Divakar
From India, Bangalore
Bit confused on your post. Could you please clarify the following for me with reference to Income Tax Act and decided case laws?
a) Fuel & Maintenance charges upto 20,000/- p.m. can be claimed as tax free if he/she owns a 4 wheeler or 5000/- p.m in case of 2 wheeler
b) Food coupons - Rs.2700/- p.m tax free
c) Club Allowance - upto 2L p.a. tax free (Health clubs/holiday clubs with ID card and payment receipt can be claimed for tax rebates)
Thanks and Regards,
Divakar
From India, Bangalore
Hi,
its depand on company to company
likw we have taken a salary of rs 245000
our gross we will be calculated
pf-780
bonus-700
med-474
l.wf-10
total-1964 245000-1964=243036
basic-35%-85063
hra-20%-48607
con-36455
med-24304
spa-24304
cet-12152
ced-12152
From India, Faridabad
its depand on company to company
likw we have taken a salary of rs 245000
our gross we will be calculated
pf-780
bonus-700
med-474
l.wf-10
total-1964 245000-1964=243036
basic-35%-85063
hra-20%-48607
con-36455
med-24304
spa-24304
cet-12152
ced-12152
From India, Faridabad
Dear Shanti,
Please find below the Salary Break-up....
Take Home/Annum Take Home/Month
2940000 245000
Basic 1470000 122500
HRA 735000 61250
Telephone 9600 800
Medical 15000 1250
Other Allowance 719760 59980
Gross Salary 2949360 245780
PF 9360 780
Take Home /Month 2940000 245000
Thanks and Regards,
Abhinav Chandra
Plant HR Head
IMT Manesar
Gurgaon, Haryana
From India, Bangalore
Please find below the Salary Break-up....
Take Home/Annum Take Home/Month
2940000 245000
Basic 1470000 122500
HRA 735000 61250
Telephone 9600 800
Medical 15000 1250
Other Allowance 719760 59980
Gross Salary 2949360 245780
PF 9360 780
Take Home /Month 2940000 245000
Thanks and Regards,
Abhinav Chandra
Plant HR Head
IMT Manesar
Gurgaon, Haryana
From India, Bangalore
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Salary-Note.doc
SALARY SHEET CALCULATION.xls