Dear Friends,
Please help me to get the presentation on CTC Structure that will assist employees in restructuring their salary components for tax-saving purposes. The presentation should provide information about salary components such as Basic, HRA (for which rent receipts need to be produced for tax savings), Conveyance (maximum 800 per month, i.e., Rs. 9600 is non-taxable), etc.
If anyone has such a PowerPoint presentation, please share.
Regards,
Manoj :)
From India, Mumbai
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Please help me to get the presentation on CTC Structure that will assist employees in restructuring their salary components for tax-saving purposes. The presentation should provide information about salary components such as Basic, HRA (for which rent receipts need to be produced for tax savings), Conveyance (maximum 800 per month, i.e., Rs. 9600 is non-taxable), etc.
If anyone has such a PowerPoint presentation, please share.
Regards,
Manoj :)
From India, Mumbai
Acknowledge(0)Amend(0)
Description
Cost to Company (per year)
Taxable (per year)
Non Taxable Allowance & Perks (per year)
Remarks
Basic Salary @ Rs. ?? pm
This is the basic salary - the other allowances are expressed as a % of the basic.
House Rent Allowance @ Rs ?? pm
Typically a % of basic salary depending on the city. The part of full HRA will be non-taxable as per tax rules. This is given to give employee tax benefit.
Provident Fund contribution by employer @ 12% of basic
Similar 12% (of basic) contribution is made by the employee (deducted by the employer from his salary), and the total is deposited with EPFO. This is mandatory as per government rules.
Contribution to superannuation fund @ % of basic
Medical Reimbursement
Up to Rs. 15,000/- per year is tax-free on the production of medical bills. Given to give employee tax benefit.
Insurance premium paid by the employer in connection with the group insurance policy taken by the employer
Up to Rs. 10,000/- is non-taxable.
Petrol expenses @ Rs ?? Pm (Provision of car for Official Purposes)
Up to Rs. 60,000/- per month.
Driver salary Rs ?? Pm (Provision of car for Official Purposes)
Children Education allowance
Uniform allowance, books allowance, and children education allowance would not be taxable to the extent they have been incurred and are supported by relevant vouchers/bills.
Leave travel allowance (one month of basic)
One month basic is non-taxable on the production of tickets, etc. LTA would be exempt to the extent the same is spent. However, the same would be taxable twice in a block of four years.
Reimbursement of Entertainment Expenditure
Vouchers need to be submitted.
Uniform Allowance
Books allowance
TOTAL
0
0
0
From United States, Buffalo
Acknowledge(0)Amend(0)
5Cost to Company (per year)
Taxable (per year)
Non Taxable Allowance & Perks (per year)
Remarks
Basic Salary @ Rs. ?? pm
This is the basic salary - the other allowances are expressed as a % of the basic.
House Rent Allowance @ Rs ?? pm
Typically a % of basic salary depending on the city. The part of full HRA will be non-taxable as per tax rules. This is given to give employee tax benefit.
Provident Fund contribution by employer @ 12% of basic
Similar 12% (of basic) contribution is made by the employee (deducted by the employer from his salary), and the total is deposited with EPFO. This is mandatory as per government rules.
Contribution to superannuation fund @ % of basic
Medical Reimbursement
Up to Rs. 15,000/- per year is tax-free on the production of medical bills. Given to give employee tax benefit.
Insurance premium paid by the employer in connection with the group insurance policy taken by the employer
Up to Rs. 10,000/- is non-taxable.
Petrol expenses @ Rs ?? Pm (Provision of car for Official Purposes)
Up to Rs. 60,000/- per month.
Driver salary Rs ?? Pm (Provision of car for Official Purposes)
Children Education allowance
Uniform allowance, books allowance, and children education allowance would not be taxable to the extent they have been incurred and are supported by relevant vouchers/bills.
Leave travel allowance (one month of basic)
One month basic is non-taxable on the production of tickets, etc. LTA would be exempt to the extent the same is spent. However, the same would be taxable twice in a block of four years.
Reimbursement of Entertainment Expenditure
Vouchers need to be submitted.
Uniform Allowance
Books allowance
TOTAL
0
0
0
From United States, Buffalo
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Salary less tax - CTC.xls