Hi! Can someone give me break up for Rs 15000 salary and Rs 20000 salary with following components: 1)Basic 2)HRA 3)Conveyence Break up must be tax free. Thanks....
From India, Delhi
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From India, Delhi
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Hi Light,
You can use the following salary breakups:
Basic Salary
H.R.A
Conveyance Allowance
Medical Allowance
Business Attire Allowance
Vehicle Maintenance Allowance
Children Education Allowance
Books & Periodicals Allowance
Telephone Reimbursement
Food Plus Cards
I have corrected the spellings and grammar in your text and formatted the list of salary components with proper line breaks. If you need any further assistance, feel free to ask!
From India, Vadodara
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You can use the following salary breakups:
Basic Salary
H.R.A
Conveyance Allowance
Medical Allowance
Business Attire Allowance
Vehicle Maintenance Allowance
Children Education Allowance
Books & Periodicals Allowance
Telephone Reimbursement
Food Plus Cards
I have corrected the spellings and grammar in your text and formatted the list of salary components with proper line breaks. If you need any further assistance, feel free to ask!
From India, Vadodara
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Hi,
For salaries of 15000 & 20000, you should structure it as follows:
Basic: 50% of Gross
If you are located in a metro city, HRA should be 60% of Basic
Conveyance: 800
Medical Allowance: 1250
The remaining amount should be designated as Special Allowance
For a Gross Salary of Rs 20000, the individual will not fall into any tax brackets.
From India, Bangalore
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653For salaries of 15000 & 20000, you should structure it as follows:
Basic: 50% of Gross
If you are located in a metro city, HRA should be 60% of Basic
Conveyance: 800
Medical Allowance: 1250
The remaining amount should be designated as Special Allowance
For a Gross Salary of Rs 20000, the individual will not fall into any tax brackets.
From India, Bangalore
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Thank you, Jeevarathnam!
Is the remaining Special Allowance in the above salary structure completely exempt from tax? I mean, what will be the limit for tax exemption for items falling under the remaining Special Allowance?
From India, Delhi
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Is the remaining Special Allowance in the above salary structure completely exempt from tax? I mean, what will be the limit for tax exemption for items falling under the remaining Special Allowance?
From India, Delhi
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In above salary structure, HRA component is "if your place on Metros HRA 60% on Basic". But i think for metros its 50%?
From India, Delhi
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From India, Delhi
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Check the structures required by you. For related tax computations, go to weblink provided therein.
From India, Gurgaon
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From India, Gurgaon
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As per Section 10(13A), HRA exemption is availed as below:
Least of the following is exempt:
i) 50% of Basic+DA for Metro cities (for Non-Metro cities it is 40%)
ii) Rent Paid less than 10% of Basic+DA
iii) Actual HRA received
From India, Gurgaon
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Least of the following is exempt:
i) 50% of Basic+DA for Metro cities (for Non-Metro cities it is 40%)
ii) Rent Paid less than 10% of Basic+DA
iii) Actual HRA received
From India, Gurgaon
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Basic: 10000.00 13000.00
HRA @ 40%: 4000.00 5200.00
Conveyance @ 10%: 1000.00 1300.00
Total: 15000.00 20000.00
This is a very simple method. Keeping HRA at 40% and Conveyance at 10% of Basic works well for small companies.
Sivasankaran
From India, Chennai
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HRA @ 40%: 4000.00 5200.00
Conveyance @ 10%: 1000.00 1300.00
Total: 15000.00 20000.00
This is a very simple method. Keeping HRA at 40% and Conveyance at 10% of Basic works well for small companies.
Sivasankaran
From India, Chennai
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Yes, that's what I asked - that it's 50% for the metros. So, in the salary break given above in one of the replies as:
Basic 50% on Gross
If your place is in Metros, HRA is 60% on Basic
Conveyance: 800
Medical Allowance: 1250
Remaining as Special Allowance
Is it valid to give HRA as 60% on basic?
From India, Delhi
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Basic 50% on Gross
If your place is in Metros, HRA is 60% on Basic
Conveyance: 800
Medical Allowance: 1250
Remaining as Special Allowance
Is it valid to give HRA as 60% on basic?
From India, Delhi
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There is no mandatory requirement regarding the percentage of Basic or allowances. Just ensure that Basic is not less than the minimum wages prescribed by your state government.
The 50% or 40% are taken to maximize tax savings. You can certainly take HRA as 60% of Basic or even higher.
Rajiv
From India, Gurgaon
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The 50% or 40% are taken to maximize tax savings. You can certainly take HRA as 60% of Basic or even higher.
Rajiv
From India, Gurgaon
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