Hi Ramachandra,
Very Good Evening...
Thank you soo much for you inputs...
I got the below Tax slab in HR Site.
Can please give input on Tax Calculation...
Please clarify above calculation
1.is the tax wiil bw calculated on CTC 3 Lakh or on 1.4 lakh is taxble amount ?
2. Bonus ans increment:is there is the policy if a employee get bonus he is not eleigible for Increment and if a employee get increment he is not elegible for bonus.
when as asked my management bonus and increment i got this reply.But our staff expecting both.
Thanks and regards
Ashwini
Subject - Re: Income tax 2010-2011
Income Tax Rates/Slabs for A.Y. (2010-11)
Slab (Rs.) Tax (Rs.)
less than 1,60,000 Nil
1,60,000 to 3,00,000 (TI – 1,60,000) * 10%
3,00,000 to 5,00,000 14,000 + (TI – 3,00,000) * 20%
Greater than 5,00,000 54,000 + (TI – 5,00,000) * 30%
Women aged 65 years or less
Slab (Rs.) Tax (Rs.)
less than 1,90,000 Nil
1,90,000 to 3,00,000 (TI – 1,90,000) * 10%
3,00,000 to 5,00,000 11,000 + (TI – 3,00,000) * 20%
Greater than 5,00,000 51,000 + (TI – 5,00,000) * 30%
Senior Citizens (Individuals aged above 65 years)
Slab (Rs.) Tax (Rs.)
less than 2,40,000 Nil
2,40,000 to 3,00,000 (TI – 2,40,000) * 10%
3,00,000 to 5,00,000 6,000 + (TI – 3,00,000) * 20%
Greater than 5,00,000 46,000 + (TI – 5,00,000) * 30%
From India, Bangalore
Very Good Evening...
Thank you soo much for you inputs...
I got the below Tax slab in HR Site.
Can please give input on Tax Calculation...
- Is the tax wiil be calculated on Gross Salary or after exemption on remaining amount the persentage will be calaculate.Example CTC is 3,00000.Exemption1,60,000.300000 160000=140000.
Please clarify above calculation
1.is the tax wiil bw calculated on CTC 3 Lakh or on 1.4 lakh is taxble amount ?
2. Bonus ans increment:is there is the policy if a employee get bonus he is not eleigible for Increment and if a employee get increment he is not elegible for bonus.
when as asked my management bonus and increment i got this reply.But our staff expecting both.
Thanks and regards
Ashwini
Subject - Re: Income tax 2010-2011
Income Tax Rates/Slabs for A.Y. (2010-11)
Slab (Rs.) Tax (Rs.)
less than 1,60,000 Nil
1,60,000 to 3,00,000 (TI – 1,60,000) * 10%
3,00,000 to 5,00,000 14,000 + (TI – 3,00,000) * 20%
Greater than 5,00,000 54,000 + (TI – 5,00,000) * 30%
Women aged 65 years or less
Slab (Rs.) Tax (Rs.)
less than 1,90,000 Nil
1,90,000 to 3,00,000 (TI – 1,90,000) * 10%
3,00,000 to 5,00,000 11,000 + (TI – 3,00,000) * 20%
Greater than 5,00,000 51,000 + (TI – 5,00,000) * 30%
Senior Citizens (Individuals aged above 65 years)
Slab (Rs.) Tax (Rs.)
less than 2,40,000 Nil
2,40,000 to 3,00,000 (TI – 2,40,000) * 10%
3,00,000 to 5,00,000 6,000 + (TI – 3,00,000) * 20%
Greater than 5,00,000 46,000 + (TI – 5,00,000) * 30%
From India, Bangalore
Dear Ahwini
Following are the answers:
Q1. Tax is calculated after deducting the standard deduction amount (1.6 lacs in case of male, 1.9lacs in case of female employees)
a. HRA exemption either 40% of gross salary, or rent paid - 40% of basic or Actual HRA received, whichever is low
b. Savings of all types (including PF, LIC, children tuition fee, PPF, etc., upto Rs.1,00,000) exempted
c. The balance is taken as taxable income
So, if total income is Rs.3.0 lacs, please calcuclate tax liability as above and arrive at the taxable income after deducting standard deduction amount, savings, HRA, etc.
Q2.Bonus cannot be linked to increment. Bonus is statutory and is payable as long as the employee's salary (Basic+DA)falls within the limit of Bonus Act, which is Rs.10,000/- now. There is no policy that those who gets bonus cannot be paid increment. Increment is company's discretion and may or may not pay depending on your company's policy, performance, etc.
Company can give both bonus and increment as they are not inter-linked. Govt will not question if you donot pay increment; but the authorities will question if you do not pay bonus.
Regards
K.Ramachandra
Bangalore
8Following are the answers:
Q1. Tax is calculated after deducting the standard deduction amount (1.6 lacs in case of male, 1.9lacs in case of female employees)
a. HRA exemption either 40% of gross salary, or rent paid - 40% of basic or Actual HRA received, whichever is low
b. Savings of all types (including PF, LIC, children tuition fee, PPF, etc., upto Rs.1,00,000) exempted
c. The balance is taken as taxable income
So, if total income is Rs.3.0 lacs, please calcuclate tax liability as above and arrive at the taxable income after deducting standard deduction amount, savings, HRA, etc.
Q2.Bonus cannot be linked to increment. Bonus is statutory and is payable as long as the employee's salary (Basic+DA)falls within the limit of Bonus Act, which is Rs.10,000/- now. There is no policy that those who gets bonus cannot be paid increment. Increment is company's discretion and may or may not pay depending on your company's policy, performance, etc.
Company can give both bonus and increment as they are not inter-linked. Govt will not question if you donot pay increment; but the authorities will question if you do not pay bonus.
Regards
K.Ramachandra
Bangalore
Hey Folk...The above statements are ok with regard to ESI & PF but if you need to take Security Guards on your payroll, you should be registered with the Security Board of that area. Security guards doesn't come under Labour Act. They come under different act like CLRA. SO, pls do take care of this
From India, Delhi
From India, Delhi
Yes Mr. Samuel The agency must get registered with Home Department and not with Labour Department.
From India, Kumbakonam
From India, Kumbakonam
HI Samuel and Basker,
Thank you for your input..this new thing i came to know.i nerver heard from anyone..i belived that they security will come under labour Act.thank you so much...
then
what about housekeeping..?are they will come labour Act...?
Regards,
Ashwini
Regards,
Ashwini.
From India, Bangalore
Thank you for your input..this new thing i came to know.i nerver heard from anyone..i belived that they security will come under labour Act.thank you so much...
then
what about housekeeping..?are they will come labour Act...?
Regards,
Ashwini
Regards,
Ashwini.
From India, Bangalore
Dear Ashwini
For Maintaining the Security Agency you must obtain the permission from Home Department and after obtaining the permission you should obtain the labour license for the Security as well as Housekeeping team.
The complete details I can tell you within 2 days after confirming from our Security Agency.
From India, Kumbakonam
For Maintaining the Security Agency you must obtain the permission from Home Department and after obtaining the permission you should obtain the labour license for the Security as well as Housekeeping team.
The complete details I can tell you within 2 days after confirming from our Security Agency.
From India, Kumbakonam
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