Hi Friends,
Can anybody help me in computing salary? Right now we have planned to change our salary structure and I need sum help on that. I would like to know the split up of salary and how it is derived e.g. 60% of gross will be basic like that, because the one we are following needs change. And i also want to what are the mandatory elements of salary. Requesting your assistance...
Thanks
Sowmya V
From India, Madras
Can anybody help me in computing salary? Right now we have planned to change our salary structure and I need sum help on that. I would like to know the split up of salary and how it is derived e.g. 60% of gross will be basic like that, because the one we are following needs change. And i also want to what are the mandatory elements of salary. Requesting your assistance...
Thanks
Sowmya V
From India, Madras
3
Hi Sowmya I can give you my assistance you need to confirm me your intention is employee take home needs to be increased correct. Suresh VVN
From India, Hyderabad
From India, Hyderabad
Hi sowmya Please see the CTC breakup sheet of one level I will give you another break up sheet tomorrow. Suresh VVN Payroll Manger
From India, Hyderabad
From India, Hyderabad
Hi Sowmya
I am fine what about you ?
Let me know if you requried any other topic
i am guessing your job is very easy.
Last year Slab Rates
The new and revised income tax slabs and rates applicable for the financial year (FY) 2011-12 and assessment year (AY) 2012-13 are mentioned below:
New Income tax slab for ay 12-13
New Income Tax Slabs for ay 12-13 for Resident Senior Citizens above 60 years (FY 2011-12)
S. No. Income Range Tax percentage
1 Up to Rs 2,50,000 No tax / exempt
2 2,50,001 to 5,00,000 10%
3 5,00,001 to 8,00,000 20%
4 Above 8,00,000 30%
New Income Tax Slabs for ay 12-13 for Resident Senior Citizens above 80 years (FY 2011-12)
S. No. Income Range Tax percentage
1 Up to Rs 5,00,000 No tax / exempt
2 5,00,001 to 8,00,000 20%
3 Above 8,00,000 30%
Income Tax Slabs for ay 12-13 for Resident Women (below 60 years) (FY 2011-12)
1 Up to Rs 1,90,000 No tax / exempt
2 1,90,001 to 5,00,000 10%
3 5,00,001 to 8,00,000 20%
4 Above 8,00,000 30%
New Income Tax Slabs for ay 12-13 Others & Men (FY 2011-12)
1 Up to Rs 1,80,000 No tax / exempt
2 1,80,001 to 5,00,000 10%
3 5,00,001 to 8,00,000 20%
4 Above 8,00,000 30%
For normal category the simple calculation is as follows
•Taxable Income in 10% slab maximum tax will be Rs 32000
•Taxable Income in 20% slab maximum tax will be Rs 32000 + Rs 60000 total Rs 92000
•Taxable Income in 30% slab minimum tax will be Rs 92000
Education and other cess will be in addition to this
Regards
Suresh VVN
From India, Hyderabad
I am fine what about you ?
Let me know if you requried any other topic
i am guessing your job is very easy.
Last year Slab Rates
The new and revised income tax slabs and rates applicable for the financial year (FY) 2011-12 and assessment year (AY) 2012-13 are mentioned below:
New Income tax slab for ay 12-13
New Income Tax Slabs for ay 12-13 for Resident Senior Citizens above 60 years (FY 2011-12)
S. No. Income Range Tax percentage
1 Up to Rs 2,50,000 No tax / exempt
2 2,50,001 to 5,00,000 10%
3 5,00,001 to 8,00,000 20%
4 Above 8,00,000 30%
New Income Tax Slabs for ay 12-13 for Resident Senior Citizens above 80 years (FY 2011-12)
S. No. Income Range Tax percentage
1 Up to Rs 5,00,000 No tax / exempt
2 5,00,001 to 8,00,000 20%
3 Above 8,00,000 30%
Income Tax Slabs for ay 12-13 for Resident Women (below 60 years) (FY 2011-12)
1 Up to Rs 1,90,000 No tax / exempt
2 1,90,001 to 5,00,000 10%
3 5,00,001 to 8,00,000 20%
4 Above 8,00,000 30%
New Income Tax Slabs for ay 12-13 Others & Men (FY 2011-12)
1 Up to Rs 1,80,000 No tax / exempt
2 1,80,001 to 5,00,000 10%
3 5,00,001 to 8,00,000 20%
4 Above 8,00,000 30%
For normal category the simple calculation is as follows
•Taxable Income in 10% slab maximum tax will be Rs 32000
•Taxable Income in 20% slab maximum tax will be Rs 32000 + Rs 60000 total Rs 92000
•Taxable Income in 30% slab minimum tax will be Rs 92000
Education and other cess will be in addition to this
Regards
Suresh VVN
From India, Hyderabad
Hi Mr. suresh,
this is santosh, i'm confse with the % used in all the calculations. some time it is 50% of gross to calculate the BASIC & some time it is in range of 45 to 60% is it always vary?
or there is perfect figure for all parameters like BASIC, PF, CON. ALL. and ohter.
Is there any rule ? by GOVT OF india? please let me know the details.
From India, Kalyan
this is santosh, i'm confse with the % used in all the calculations. some time it is 50% of gross to calculate the BASIC & some time it is in range of 45 to 60% is it always vary?
or there is perfect figure for all parameters like BASIC, PF, CON. ALL. and ohter.
Is there any rule ? by GOVT OF india? please let me know the details.
From India, Kalyan
Dear Santosh
There is no specific rule for desiign the salary breakup. It always vary from company to company, However some ponts are commn for all the companies (i.e HRA, Conv , PF & ESI etc.........)
Salary breakups are purely depending on their Company HR Policies along with the Designations & Bands levels
Please see the comparision of Rs 160000/- CTC in below attachment for your reference.
Note :
Preparation of Salary breakup sheet HR & Admin guys needs to follow the below Acts
01. For HRA , Conv they need to follow Income Tax Act 1961
02. For PF Provident Fund Act 1952
03. For Employee State Insurance Act 1948
04. For Bonus Payment of Bonus Act 1965
05. For Gratuity Payment of Gratuity Act 1972
06. For Minimum wages Shops & Establishment Act 1988
07. For Professional Tax Commercial Tax Act
If you are still confuse please contact for further details
. Let me know if you need any further details.
Regards
Suresh VVN
From India, Hyderabad
There is no specific rule for desiign the salary breakup. It always vary from company to company, However some ponts are commn for all the companies (i.e HRA, Conv , PF & ESI etc.........)
Salary breakups are purely depending on their Company HR Policies along with the Designations & Bands levels
Please see the comparision of Rs 160000/- CTC in below attachment for your reference.
Note :
Preparation of Salary breakup sheet HR & Admin guys needs to follow the below Acts
01. For HRA , Conv they need to follow Income Tax Act 1961
02. For PF Provident Fund Act 1952
03. For Employee State Insurance Act 1948
04. For Bonus Payment of Bonus Act 1965
05. For Gratuity Payment of Gratuity Act 1972
06. For Minimum wages Shops & Establishment Act 1988
07. For Professional Tax Commercial Tax Act
If you are still confuse please contact for further details
Regards
Suresh VVN
From India, Hyderabad
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Salary-Note.doc
SALARY SHEET CALCULATION.xls