hi,
can any guide me as to which salary component is totally exemted from tax. Because I need to structure the salaries for Grade I executives. As per our company policy for executives whose gross is 25001 & more, basic has to be calculated only for 25%.
I was able to structure it to some extent..
For 70,000
As per Pay slip - 32000
Basic + DA = 8000
HRA = 4000
CCA = 12000
Spl All = 8000
_________________
Total 32000
Monthly Voucher Payment
Drivers Salary = 5500
Telephone = 2000
Journals & Periodicals = 2000
House Loan (this loan was taken
directly from bank) = 10000
LIC policy = 11126
Bajaj Life Insurance = 500
Total = 31126
_____________________________
Monthly Total 63126
Payouts As per terms of employment (Annual)
Medical Reimbursement = 15000
LTA = As per company policy
Office wear & Maintenence = As per company policy
Please help me to structure 2lacs, 1.25 lacs & 80K
What are the non taxable components which can be included if the individual has not taken any policy or has not invested in anything.
Pleeeeeeeeeeeeeeeeeeeeeeezzzzzzzzzz help me out of this.
From India
can any guide me as to which salary component is totally exemted from tax. Because I need to structure the salaries for Grade I executives. As per our company policy for executives whose gross is 25001 & more, basic has to be calculated only for 25%.
I was able to structure it to some extent..
For 70,000
As per Pay slip - 32000
Basic + DA = 8000
HRA = 4000
CCA = 12000
Spl All = 8000
_________________
Total 32000
Monthly Voucher Payment
Drivers Salary = 5500
Telephone = 2000
Journals & Periodicals = 2000
House Loan (this loan was taken
directly from bank) = 10000
LIC policy = 11126
Bajaj Life Insurance = 500
Total = 31126
_____________________________
Monthly Total 63126
Payouts As per terms of employment (Annual)
Medical Reimbursement = 15000
LTA = As per company policy
Office wear & Maintenence = As per company policy
Please help me to structure 2lacs, 1.25 lacs & 80K
What are the non taxable components which can be included if the individual has not taken any policy or has not invested in anything.
Pleeeeeeeeeeeeeeeeeeeeeeezzzzzzzzzz help me out of this.
From India
Still no comments... can anybody guide me as to what are non taxable components & whats the proportion of that.
From India
From India
:shock: :shock: :shock: :shock: :shock: :shock: :shock: nobody to clarify my doubt... thanx for the support & cooperation :evil: :evil: :evil: :evil: :evil: :evil:
From India
From India
Dear Ramu,
Thanks a lot for the useful information.
Will try working on the break up for 2 lakhs, 1.25 lakhs, 70K & 85 K.
If iam not able to work out kindly please do help me out.
once again thanks a lot.
regards,
umama siddiqua
From India
Thanks a lot for the useful information.
Will try working on the break up for 2 lakhs, 1.25 lakhs, 70K & 85 K.
If iam not able to work out kindly please do help me out.
once again thanks a lot.
regards,
umama siddiqua
From India
Hi
To add to the list that was sent by Amit, there are a couple of other reimbursements that can be added :
1) Conveyance Reimbursement(Petrol Bills)
2) Telephone Reimbursement (Telephone or Mobile Bills)
3) LTA (payable in a block of 2 years) - (Travel Bills)
4) Food coupons
The point 1-3 do hire a Fringe Benefit Tax of 6.79% on the total amount reimbursed. Food Coupons is totally Tax Free.
There are a couple of other components that are also available in a salary structure - such as Club Facilites, Car Lease, Driver Charges etc.....I myself am doing a study on these components to undestand the tax implications.
Will keep you posted on the same.
Regards
Gina
From India, Hyderabad
1To add to the list that was sent by Amit, there are a couple of other reimbursements that can be added :
1) Conveyance Reimbursement(Petrol Bills)
2) Telephone Reimbursement (Telephone or Mobile Bills)
3) LTA (payable in a block of 2 years) - (Travel Bills)
4) Food coupons
The point 1-3 do hire a Fringe Benefit Tax of 6.79% on the total amount reimbursed. Food Coupons is totally Tax Free.
There are a couple of other components that are also available in a salary structure - such as Club Facilites, Car Lease, Driver Charges etc.....I myself am doing a study on these components to undestand the tax implications.
Will keep you posted on the same.
Regards
Gina
From India, Hyderabad
Hi Amit A small clarification sought regarding CTC.Is it not inclusive of mobile expense,insurance and other facilities provided ( like laptop /company vehicle). regards Leena
From India, Thiruvananthapuram
From India, Thiruvananthapuram
Dear Revathi,
Yes one is required to produce the Rent agreement or receipt of the same at the end of the financial year.. to avail tax benefits on HRA..
Dear Leena.. yes all the expenses are included while calculating CTC..
But some companies even some big companies don't add some expenses in their CTC.. as travel allowance is not fixed.. It depends on requirement... sometimes a meeting is been lined up.. and one is required to attend the same.. so you can't include travelling allowance in your CTC..
Likewise, some companies provide Mobile expenses, but don't include that in their CTC.. as mobile bill can't be static...
Hope it must have solve your query upto some extent..
Regards,
Amit Seth.
From India, Ahmadabad
Yes one is required to produce the Rent agreement or receipt of the same at the end of the financial year.. to avail tax benefits on HRA..
Dear Leena.. yes all the expenses are included while calculating CTC..
But some companies even some big companies don't add some expenses in their CTC.. as travel allowance is not fixed.. It depends on requirement... sometimes a meeting is been lined up.. and one is required to attend the same.. so you can't include travelling allowance in your CTC..
Likewise, some companies provide Mobile expenses, but don't include that in their CTC.. as mobile bill can't be static...
Hope it must have solve your query upto some extent..
Regards,
Amit Seth.
From India, Ahmadabad
Good Piece of Information,,, Thank You,,,
For More on that, Pls Click the following links,
https://www.citehr.com/download-list...lary+Structure
https://www.citehr.com/download-list.php?query=CTC
https://www.citehr.com/download-list...Tax+Calculator
Regards
Mohamed Sardhar
093831 93832
From India, Coimbatore
For More on that, Pls Click the following links,
https://www.citehr.com/download-list...lary+Structure
https://www.citehr.com/download-list.php?query=CTC
https://www.citehr.com/download-list...Tax+Calculator
Regards
Mohamed Sardhar
093831 93832
From India, Coimbatore
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Salary-Note.doc
SALARY SHEET CALCULATION.xls