Hi All,
Can anyone tell me about how to calculate the payroll and sections under each payroll component (such as basic, HRA, CA, CCA, Medical Allowance, Vehicle Reimbursement, LTA, Gift Vouchers, PF, Special Allowance, Lunch Coupons, etc.) and slab rates for each section under payroll. Kindly provide your suggestions or refer me to any books.
Regards,
Simran.
From India, Hyderabad
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3Can anyone tell me about how to calculate the payroll and sections under each payroll component (such as basic, HRA, CA, CCA, Medical Allowance, Vehicle Reimbursement, LTA, Gift Vouchers, PF, Special Allowance, Lunch Coupons, etc.) and slab rates for each section under payroll. Kindly provide your suggestions or refer me to any books.
Regards,
Simran.
From India, Hyderabad
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Hi Sir,
Thank you for responding to my query. The information helps me a lot. Can you tell me the following: each component of payroll comes under which sections (basic, HRA, CA, CCA, Medical Allowance, Vehicle Reimbursement, LTA, Gift Vouchers, PF, Special Allowance, Lunch Coupons, etc.) and the possible ways to exempt from tax from these components. How fringe benefit tax is helpful to a person and the best possible ways to exempt from tax.
Regards,
Simran
From India, Hyderabad
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Thank you for responding to my query. The information helps me a lot. Can you tell me the following: each component of payroll comes under which sections (basic, HRA, CA, CCA, Medical Allowance, Vehicle Reimbursement, LTA, Gift Vouchers, PF, Special Allowance, Lunch Coupons, etc.) and the possible ways to exempt from tax from these components. How fringe benefit tax is helpful to a person and the best possible ways to exempt from tax.
Regards,
Simran
From India, Hyderabad
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Invest in various tax-saving schemes. Please go through the link below for more information:
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From India, Calcutta
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[Income Tax Saving Schemes,Tax Saving Schemes In India,New Tax Saving Schemes In India,Income Tax Schemes In India](http://www.surfindia.com/finance/income-tax/incometax-saving-schemes.html)
From India, Calcutta
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Gift vouchers up to 5000/- per annum are also exempted from tax. Fuel expenses for the two-wheeler/four-wheeler up to 20,000 per month are exempted from income tax. In the case of availing conveyance at 800 per month, fuel expenses cannot be claimed for tax exemption. Food coupons are permitted up to 5400 per month, which can be exchanged for groceries.
Regards,
R. Ponraj
From India, Lucknow
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Regards,
R. Ponraj
From India, Lucknow
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Thank you Mr. Negi Nice post and important one. i was searching for this.covered almost all components of compensation.It is realy help full for initiator like me. Thank u & regards ajit
From India, Koraput
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From India, Koraput
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Dear Mr. Negi, It’s indeed great piece of info. , I just have one query reg payroll .I want to know that what are basic & mandatory inputs for payroll . Rgds, Vyakhya
From India, Bangalore
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From India, Bangalore
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Dear All, Can any one guide me , how to calculate gratuity, its other terms and condition. Regards, Salman.
From India, Sangli
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From India, Sangli
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Dear Govind,
Good piece of information. If possible, will you please guide me on how to calculate gratuity, its formula, and other terms and conditions related to the Payment of Gratuity Act?
Thank you & regards,
Salman
From India, Sangli
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Good piece of information. If possible, will you please guide me on how to calculate gratuity, its formula, and other terms and conditions related to the Payment of Gratuity Act?
Thank you & regards,
Salman
From India, Sangli
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Dear Govind ji,
It's nice to have the salary calculation. It is really useful. Furthermore, I request you if you can kindly send me or post on the web about the gratuity calculation and eligibility.
Regards,
Rex
From India, Dehra Dun
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It's nice to have the salary calculation. It is really useful. Furthermore, I request you if you can kindly send me or post on the web about the gratuity calculation and eligibility.
Regards,
Rex
From India, Dehra Dun
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Dear Khan,
Please find below the calculation of gratuity:
Keep in mind: basic wages + other allowances (excluding conveyance).
Payment of gratuity eligibility: 5 years completion (in case of termination due to health problems, other legal terminations not based on disciplinary practices (by the employer), the liability to pay from the employer's side).
15 days payment of basic wages (current pay rate) in a year.
Eligibility for a year: for working days including leaves with wages, accidents, maternity leaves, etc.
- 190 days (where the weekly working period is less than six) in 1 year & 95 days for six months.
- 240 days (for types of industry) in one year & 120 days for six months.
In a seasonal factory: 75% attendance.
Excess of six months assume a complete one year.
Maximum of gratuity: 3.5 lakhs.
Calculating: Monthly rate divided by 26 and then one day's wages multiplied by 15 for one year.
For daily wages/average piece rate * 15 for one year.
Nomination at form F within one year after joining.
Payment: Within 30 days from the payable date or within 30 days from the employee's left/last day.
Best regards,
Sajid Ansari
From India, Delhi
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Please find below the calculation of gratuity:
Keep in mind: basic wages + other allowances (excluding conveyance).
Payment of gratuity eligibility: 5 years completion (in case of termination due to health problems, other legal terminations not based on disciplinary practices (by the employer), the liability to pay from the employer's side).
15 days payment of basic wages (current pay rate) in a year.
Eligibility for a year: for working days including leaves with wages, accidents, maternity leaves, etc.
- 190 days (where the weekly working period is less than six) in 1 year & 95 days for six months.
- 240 days (for types of industry) in one year & 120 days for six months.
In a seasonal factory: 75% attendance.
Excess of six months assume a complete one year.
Maximum of gratuity: 3.5 lakhs.
Calculating: Monthly rate divided by 26 and then one day's wages multiplied by 15 for one year.
For daily wages/average piece rate * 15 for one year.
Nomination at form F within one year after joining.
Payment: Within 30 days from the payable date or within 30 days from the employee's left/last day.
Best regards,
Sajid Ansari
From India, Delhi
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