Hi,
I would like to request, can you please somebody help me to provide full salary structure for 105000 / Per month... Per Year 1260000 / Per Annum /
Basic Salary:
House Rent Allowance:
Conveyance:
Special Allowance:
Medical Allowance
Miscellaneous
Gratuity
Provident Fund
Professional Tax
TDS
From India, Hyderabad
I would like to request, can you please somebody help me to provide full salary structure for 105000 / Per month... Per Year 1260000 / Per Annum /
Basic Salary:
House Rent Allowance:
Conveyance:
Special Allowance:
Medical Allowance
Miscellaneous
Gratuity
Provident Fund
Professional Tax
TDS
From India, Hyderabad
All these items you indicated appears to be in CTC structure, is’t ok with you ?
From India, Bangalore
1077From India, Bangalore
Dear Friend,
Please find the below salary structure.
Basic 42000 Should be Min 40% of salary
HRA 16800 for Metros 50% of Basic & for Non Metros 40% of Basic
LTA 15000 LTA can claim twice in a block of 4 calendar years, Present Block 2018-2021
Medical 15000
Conveyance 1600
Sepacial Allowance 7540
Gross 97940
Employer PF
Contribution 5040 12% of Basic
Gratituty 2020 4.81% of Basic
CTC 105000
The above structure is as per your requirement, but I feel that too many components are not usefull, Now As per income tax they enhanced the standard deduction limit to Rs.50,000/- in that (Medicla And Conveyance will come under Standard Deduction), you can merge these components Medicla and conveyance as one component as speacial allowance .
With Regards,
Jay
From India, Hyderabad
Please find the below salary structure.
Basic 42000 Should be Min 40% of salary
HRA 16800 for Metros 50% of Basic & for Non Metros 40% of Basic
LTA 15000 LTA can claim twice in a block of 4 calendar years, Present Block 2018-2021
Medical 15000
Conveyance 1600
Sepacial Allowance 7540
Gross 97940
Employer PF
Contribution 5040 12% of Basic
Gratituty 2020 4.81% of Basic
CTC 105000
The above structure is as per your requirement, but I feel that too many components are not usefull, Now As per income tax they enhanced the standard deduction limit to Rs.50,000/- in that (Medicla And Conveyance will come under Standard Deduction), you can merge these components Medicla and conveyance as one component as speacial allowance .
With Regards,
Jay
From India, Hyderabad
Hi Veera,
Now, we don't know what policy you follow in your firm w.r.t.-
1) DA 2) LTA 3) Other allowances such as -uniform, incentives, LTA (whether reimbursement or allow.payable monthly), Children Educational Allow., Compensation, pension, health & accident insurance/hospitalisation etc., depending on these the total emoluments would be framed. Also take care of ESI (though not applicable for this employee). And EPF not likely to be applicable for wages above Rs.15000/- on the other hand if you would encourage voluntary contribution, the computation bound to change accordingly.
From India, Bangalore
Now, we don't know what policy you follow in your firm w.r.t.-
1) DA 2) LTA 3) Other allowances such as -uniform, incentives, LTA (whether reimbursement or allow.payable monthly), Children Educational Allow., Compensation, pension, health & accident insurance/hospitalisation etc., depending on these the total emoluments would be framed. Also take care of ESI (though not applicable for this employee). And EPF not likely to be applicable for wages above Rs.15000/- on the other hand if you would encourage voluntary contribution, the computation bound to change accordingly.
From India, Bangalore
Hi Veera,
Pl.see the post of Jayendra where he has indicated the taxable income etc. TDS has to be worked out after taking into a/c income from other sources; allowing deducations mainly for -
1) PT
2) Interest/dividend income exempted
3) Interest on Housing Loan repaid
4) Standard deduction
5) Other exempted incomes under chapter Sec.10 - HRA (Sec.10(13) dividen (sec.10(33), LTC (sec.10(5),Special allowance (10 (14), encashment (10(10AA) etc.
6) Then deductions permissible under 80C to 80U have to be considered before arriving the estimated taxable income, tax on the taxable income, add interest if any then arrive at total tax+interest payable for the who year, then allow for TDS recovered afterwards distribute the balance tax to be recovered as TDS for the remaining months of Feb & Mar.2020 to fully a/c for total TDS.
Under 80 C, 80CCC, 80CCD(1), 1B), 80D,80DD, 80DDB, 80 E etc. allowable deductions have to be considered before arriving at TDS for the whole year & remaining months.. You have refer IT ready reckoner for this purpose which will be helpful to completely administer the TDS responsibility as an Employer.
From India, Bangalore
Pl.see the post of Jayendra where he has indicated the taxable income etc. TDS has to be worked out after taking into a/c income from other sources; allowing deducations mainly for -
1) PT
2) Interest/dividend income exempted
3) Interest on Housing Loan repaid
4) Standard deduction
5) Other exempted incomes under chapter Sec.10 - HRA (Sec.10(13) dividen (sec.10(33), LTC (sec.10(5),Special allowance (10 (14), encashment (10(10AA) etc.
6) Then deductions permissible under 80C to 80U have to be considered before arriving the estimated taxable income, tax on the taxable income, add interest if any then arrive at total tax+interest payable for the who year, then allow for TDS recovered afterwards distribute the balance tax to be recovered as TDS for the remaining months of Feb & Mar.2020 to fully a/c for total TDS.
Under 80 C, 80CCC, 80CCD(1), 1B), 80D,80DD, 80DDB, 80 E etc. allowable deductions have to be considered before arriving at TDS for the whole year & remaining months.. You have refer IT ready reckoner for this purpose which will be helpful to completely administer the TDS responsibility as an Employer.
From India, Bangalore
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