Dear Seniors
Am working in a pharma manufacturing plant in Himachal Pradesh
Kindly send me best possible tax saving CTC breakup for 12 lacs for next financial year (Apr 2023 - Mar 2024)
Please let me know what all components can be included in CTC according to latest budget
I have searched in the forum but all were old threads & am not able to find latest one
Request for your kind inputs
Thanks & Regards
Anuradha
From India, Bangalore
Am working in a pharma manufacturing plant in Himachal Pradesh
Kindly send me best possible tax saving CTC breakup for 12 lacs for next financial year (Apr 2023 - Mar 2024)
Please let me know what all components can be included in CTC according to latest budget
I have searched in the forum but all were old threads & am not able to find latest one
Request for your kind inputs
Thanks & Regards
Anuradha
From India, Bangalore
Dear Anuradha,
The tax-saving CTC breakup can vary depending on the company's policies and the applicable laws and regulations. However, I can provide some general guidelines and components that can be included in your CTC.
To start, you can consider the following components for your CTC:
Basic salary: This is the fixed portion of your salary and is generally the starting point for calculating other components of your CTC.
House Rent Allowance (HRA): If you are living in a rented house, you can claim HRA to reduce your taxable income. The maximum amount of HRA that can be claimed as tax exemption is the least of the following: actual HRA received, 50% of your basic salary (if you live in a metro city), or 40% of your basic salary (if you live in a non-metro city).
Leave Travel Allowance (LTA): This allowance can be claimed twice in a block of four years, and is exempt from tax up to a certain limit. The LTA amount can be used to cover the expenses incurred while traveling with your family within India.
Medical Allowance: This allowance is given to cover medical expenses and can be exempt from tax up to a certain limit.
Conveyance Allowance: This allowance is given to cover expenses incurred on commuting to and from work and is exempt from tax up to a certain limit.
Meal Allowance: This allowance is given to cover the expenses incurred on meals during office hours and is exempt from tax up to a certain limit.
Provident Fund (PF): This is a retirement benefit that is deducted from your salary and deposited in a PF account. Both the employee and employer contribute to the PF account, and the contribution made by the employee is eligible for tax exemption up to a certain limit.
Gratuity: This is a lump sum payment made to employees on retirement or resignation and is eligible for tax exemption up to a certain limit.
It is important to note that the tax laws and regulations can change from year to year, and it is recommended to consult with a tax expert or your company's HR department to ensure that your CTC is structured in compliance with the latest budget and tax laws.
I hope this information helps you in structuring your tax-saving CTC for the next financial year.
From India, Mumbai
20The tax-saving CTC breakup can vary depending on the company's policies and the applicable laws and regulations. However, I can provide some general guidelines and components that can be included in your CTC.
To start, you can consider the following components for your CTC:
Basic salary: This is the fixed portion of your salary and is generally the starting point for calculating other components of your CTC.
House Rent Allowance (HRA): If you are living in a rented house, you can claim HRA to reduce your taxable income. The maximum amount of HRA that can be claimed as tax exemption is the least of the following: actual HRA received, 50% of your basic salary (if you live in a metro city), or 40% of your basic salary (if you live in a non-metro city).
Leave Travel Allowance (LTA): This allowance can be claimed twice in a block of four years, and is exempt from tax up to a certain limit. The LTA amount can be used to cover the expenses incurred while traveling with your family within India.
Medical Allowance: This allowance is given to cover medical expenses and can be exempt from tax up to a certain limit.
Conveyance Allowance: This allowance is given to cover expenses incurred on commuting to and from work and is exempt from tax up to a certain limit.
Meal Allowance: This allowance is given to cover the expenses incurred on meals during office hours and is exempt from tax up to a certain limit.
Provident Fund (PF): This is a retirement benefit that is deducted from your salary and deposited in a PF account. Both the employee and employer contribute to the PF account, and the contribution made by the employee is eligible for tax exemption up to a certain limit.
Gratuity: This is a lump sum payment made to employees on retirement or resignation and is eligible for tax exemption up to a certain limit.
It is important to note that the tax laws and regulations can change from year to year, and it is recommended to consult with a tax expert or your company's HR department to ensure that your CTC is structured in compliance with the latest budget and tax laws.
I hope this information helps you in structuring your tax-saving CTC for the next financial year.
From India, Mumbai
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