Hello All,
Gross Salary= Your salary before any PF and ESI and TDS deduction
Net Salary= Your salary- PF deduction- ESI deduction but before TDS deduction
CTC= Yous salary+Employers's ESI and PF Share+other benefits given by the company
Amit Goyal
From India, Delhi
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10Gross Salary= Your salary before any PF and ESI and TDS deduction
Net Salary= Your salary- PF deduction- ESI deduction but before TDS deduction
CTC= Yous salary+Employers's ESI and PF Share+other benefits given by the company
Amit Goyal
From India, Delhi
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Hi, I want to know that Leave deduction can be done on Gross Salary/Net Salary.Please solve this query. Regards Bharti
From India, Indore
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From India, Indore
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Hi can you plz explain is there any satandard format for calculating salary break up or it differ from org.to org? Regards Supriya
From India, Gurgaon
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From India, Gurgaon
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Hello Govardhan,
Can you clarify how you arrived at the figures for IT, ProfTax, and Loan Deductions? Is there a standard percentage figure that will be deducted on a monthly/annual basis for the below items? I understood how you arrived at the PF figure, for example, 12% of the basic salary. Can you also inform me about the statutory percentage figures for contributions by employees/employers set forth by the government regarding IT, ProfTax, Loans, etc.? Please mention anything else that needs to be taken into consideration.
As far as my understanding goes, the IT slab is 10% for the figure (2,38,832) we are discussing in this case. So, I tried to deduce how you arrived at the IT (750) figure, assuming a 10% IT Slab, but I could not come to the figure you mentioned. My calculation was 10% of 238,832 = 23,883/12 = 1,990 per month. I am able to arrive closely at 750 by using 4.47% of 16,750. Is this correct?
Thanks
Hi, Let me explain with an example - Let us say the employee earns the following per month: Basic Salary - INR 10,000 House Rent Allowance - INR 5,000 Conveyance Allowance - INR 1,000 Magazine Allowance - INR 500 Education Allowance - INR 250 Then, GROSS SALARY - INR 16,750
Deductions: Provident Fund - INR 1,200 Income Tax - INR 750 Profession Tax - INR 130 Loan Deduction - INR 750 Total Deductions - INR 2,830 Then, NET SALARY - INR 13,920 His Leave Travel Allowance - INR 10,000 per annum Medical Reimbursement - INR 10,000 per annum Premium for mediclaim - INR 1,500 per annum PF- Management Contribution - INR 16,332 per annum Then, CTC (Cost to Co.) - INR 2,38,832 per annum. CTC = Monthly Gross Salary X 12 + Annual benefits (INR 37,832) Govardhan
From India, Hyderabad
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Can you clarify how you arrived at the figures for IT, ProfTax, and Loan Deductions? Is there a standard percentage figure that will be deducted on a monthly/annual basis for the below items? I understood how you arrived at the PF figure, for example, 12% of the basic salary. Can you also inform me about the statutory percentage figures for contributions by employees/employers set forth by the government regarding IT, ProfTax, Loans, etc.? Please mention anything else that needs to be taken into consideration.
As far as my understanding goes, the IT slab is 10% for the figure (2,38,832) we are discussing in this case. So, I tried to deduce how you arrived at the IT (750) figure, assuming a 10% IT Slab, but I could not come to the figure you mentioned. My calculation was 10% of 238,832 = 23,883/12 = 1,990 per month. I am able to arrive closely at 750 by using 4.47% of 16,750. Is this correct?
Thanks
Hi, Let me explain with an example - Let us say the employee earns the following per month: Basic Salary - INR 10,000 House Rent Allowance - INR 5,000 Conveyance Allowance - INR 1,000 Magazine Allowance - INR 500 Education Allowance - INR 250 Then, GROSS SALARY - INR 16,750
Deductions: Provident Fund - INR 1,200 Income Tax - INR 750 Profession Tax - INR 130 Loan Deduction - INR 750 Total Deductions - INR 2,830 Then, NET SALARY - INR 13,920 His Leave Travel Allowance - INR 10,000 per annum Medical Reimbursement - INR 10,000 per annum Premium for mediclaim - INR 1,500 per annum PF- Management Contribution - INR 16,332 per annum Then, CTC (Cost to Co.) - INR 2,38,832 per annum. CTC = Monthly Gross Salary X 12 + Annual benefits (INR 37,832) Govardhan
From India, Hyderabad
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I am agree with Rolly, below I put a example ... Basic HRA LA DA Gross PF ESIC Net Pay 5000 2000 1000 2500 10500 600 184 9716
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Dear all,
Please guide me about EPF & ESI percentages that need to be given to the outsourced agency hired by my organization. In total, we have hired 14 helpers from the outsourced agency, and their gross salary is Rs. 7072. Could you please advise on how much PF & ESI contribution should be paid by the employer and how much contribution should be paid by the helper in percentage?
Following the helpers' salary, 5 helpers receive Rs. 7089. Kindly guide on the PF & ESI contributions that should be paid by the employer and the helper. For further information, please email me at ceegulbarga@ceeindia.org.
Thank you and regards,
Gundareddy.U
Project Officer
Centre for Environment Education
Mobile No: 9620121410 / 9620441410
From India, Bagalkot
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Please guide me about EPF & ESI percentages that need to be given to the outsourced agency hired by my organization. In total, we have hired 14 helpers from the outsourced agency, and their gross salary is Rs. 7072. Could you please advise on how much PF & ESI contribution should be paid by the employer and how much contribution should be paid by the helper in percentage?
Following the helpers' salary, 5 helpers receive Rs. 7089. Kindly guide on the PF & ESI contributions that should be paid by the employer and the helper. For further information, please email me at ceegulbarga@ceeindia.org.
Thank you and regards,
Gundareddy.U
Project Officer
Centre for Environment Education
Mobile No: 9620121410 / 9620441410
From India, Bagalkot
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Gross Salary, Net Salary and CTC are different . Net salary is the salary which a employee take home salary. CTC = Cost to Company
From India, Hyderabad
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From India, Hyderabad
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Hi Srishti,
Net Salary = Employee Take Home Salary. CTC = Cost to Company. This is the salary package of an employee. It is expenses of an employer spending on Employee for his service period of one year. CTC is not the actual salary of the employee.
From India, Hyderabad
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Net Salary = Employee Take Home Salary. CTC = Cost to Company. This is the salary package of an employee. It is expenses of an employer spending on Employee for his service period of one year. CTC is not the actual salary of the employee.
From India, Hyderabad
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I am fully in agreement with your example that CTC = gross salary + gratuity + employer contribution (PF, ESI) + bonus + leave encashment + reimbursement. However, some people include employee contributions (PF, ESI) in the gross salary.
Could you please clarify this with an example?
Thank you,
Harpreet Singh
From India, Delhi
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Could you please clarify this with an example?
Thank you,
Harpreet Singh
From India, Delhi
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