Hi,
Please someone tell me as to what are the taxable & non-taxable components in the salary.
My company offers fixed salary to the employees, in which only tax deduction is done. It includes the following
1. Basic
2. HRA
3. Trans. Allowance
4. Medical (Reimbursement) of Rs. 1200
Which of these items are taxable & also tell me the taxation limits, etc.
Thanks & Regards,
Arushi
From India
Please someone tell me as to what are the taxable & non-taxable components in the salary.
My company offers fixed salary to the employees, in which only tax deduction is done. It includes the following
1. Basic
2. HRA
3. Trans. Allowance
4. Medical (Reimbursement) of Rs. 1200
Which of these items are taxable & also tell me the taxation limits, etc.
Thanks & Regards,
Arushi
From India
Hi Arushi,
The Component Basic, HRA(Partly),and transport Allowance if not in the exempted limit are taxable.
HRA ( 50% of Basic( in metropolitan, and 40% in other areas)/actual rent, whichever is less is tax exempt)
Transport Allowance is exempted to 9600Rs Annually.
Medical Reimbursement is Exempted to 15000Rs Annually.
Thanks
Regards
Dhoop
From India, Pune
2The Component Basic, HRA(Partly),and transport Allowance if not in the exempted limit are taxable.
HRA ( 50% of Basic( in metropolitan, and 40% in other areas)/actual rent, whichever is less is tax exempt)
Transport Allowance is exempted to 9600Rs Annually.
Medical Reimbursement is Exempted to 15000Rs Annually.
Thanks
Regards
Dhoop
From India, Pune
Hi,
There are some queries related to components of salary and they are:
The following are components of salary paid monthly
1. Basic -> 15000
2. HRA -> 6000
3. Conveyance -> 800
4. Medical ->1250
5. LTA ->1250
6. Special Allowance ->8479
Total -> 32799
So the above total is monthly salary.... My question is what would be my hand pay salary for above components after tax deduction from above components.. What is special allowance? What would be ingredients of special allowance.
Do LTA is paid on demand basis or else it is paid as part of monthly salary in hand...same for LTA and special allowance...
And the main thing is what is main difference between gross salary and CTC ? does it says incentives are included in CTC ?
Thank you in advance :)
From India, Pune
There are some queries related to components of salary and they are:
The following are components of salary paid monthly
1. Basic -> 15000
2. HRA -> 6000
3. Conveyance -> 800
4. Medical ->1250
5. LTA ->1250
6. Special Allowance ->8479
Total -> 32799
So the above total is monthly salary.... My question is what would be my hand pay salary for above components after tax deduction from above components.. What is special allowance? What would be ingredients of special allowance.
Do LTA is paid on demand basis or else it is paid as part of monthly salary in hand...same for LTA and special allowance...
And the main thing is what is main difference between gross salary and CTC ? does it says incentives are included in CTC ?
Thank you in advance :)
From India, Pune
Hi,
As per the Salary structure you have mentioned above, the components Basic, HRA, Conveyance and special allowance will be paid monthly basis as the part of monthly salary.
whereas the medical will be provided monthly only after submitting the medical bills else it will be paid to you at the end of financial year after after deduction of Tax.
In LTA you may need to submit the travel bills to get the amount reimbursed to you.
Regards,
GKY
From Canada, undefined
As per the Salary structure you have mentioned above, the components Basic, HRA, Conveyance and special allowance will be paid monthly basis as the part of monthly salary.
whereas the medical will be provided monthly only after submitting the medical bills else it will be paid to you at the end of financial year after after deduction of Tax.
In LTA you may need to submit the travel bills to get the amount reimbursed to you.
Regards,
GKY
From Canada, undefined
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Other components of Manual.zip
Taxable Income.doc