My query is
About the allowance and their calculation including FBT benefits given to employee as part of their CTC.
Can anyone explain me the salary break up of 50000
Basic
HRa 50%
Conv 800
PF employee 780
PF employer 780
What would be
Helper Allowance
Uniform Allowance
LTA
Medical
Special Allowance
Education Allowance
From India, Gurgaon
7About the allowance and their calculation including FBT benefits given to employee as part of their CTC.
Can anyone explain me the salary break up of 50000
Basic
HRa 50%
Conv 800
PF employee 780
PF employer 780
What would be
Helper Allowance
Uniform Allowance
LTA
Medical
Special Allowance
Education Allowance
From India, Gurgaon
hi,
[quote]
Here it goes:-
Basic(@ 40% of CTC)= 20000
HRA(@50% of Basic)=10000
Conv. Allow=800(tax exempt upto 9600pa)
Medical Allow=1250(IT Exempt upto 15000 pa)
Special Allow=5000
Children Education Allow=200(Maxim 2400pa (2 children); tax exempt subjected to School/colledge going children)
PF=780+780=1560.
Helper Allow=2000
uniform allow= 3000
LTA=6190(tax exempt twice in a block of 4 yrs )
Hope this will help you out.
REgards,
RAchna
Hyderabad
From India, Hyderabad
[quote]
Here it goes:-
Basic(@ 40% of CTC)= 20000
HRA(@50% of Basic)=10000
Conv. Allow=800(tax exempt upto 9600pa)
Medical Allow=1250(IT Exempt upto 15000 pa)
Special Allow=5000
Children Education Allow=200(Maxim 2400pa (2 children); tax exempt subjected to School/colledge going children)
PF=780+780=1560.
Helper Allow=2000
uniform allow= 3000
LTA=6190(tax exempt twice in a block of 4 yrs )
Hope this will help you out.
REgards,
RAchna
Hyderabad
From India, Hyderabad
Thanks, Its right but I wanna know calculation of other allowance. Because I have to calculate packages for 20-25 employees for my company. I need % , calculation of FBT. Etc…..
From India, Gurgaon
From India, Gurgaon
Hi Meenu,
Let me know what other allowances you want to calculate.
Further you can also have Medical Reimbursements Mobile Allowances or Reimbursement which is usefull in getting tax exempt, as these amounts will get reimbursed by the company on production of bills by the employee.
Regards,
RAchna
From India, Hyderabad
Let me know what other allowances you want to calculate.
Further you can also have Medical Reimbursements Mobile Allowances or Reimbursement which is usefull in getting tax exempt, as these amounts will get reimbursed by the company on production of bills by the employee.
Regards,
RAchna
From India, Hyderabad
Dear Rachna,
I want to know the % (any freeze limit is there) including FBT benefit
Like Basic 40%
HRA 50% of Basic.
What are the % ratios for below allowances, and their calculation.
For
Helper Allowance
Child Allowance
Uniform Allowance
LTA
Special Allowance
So that I can calculate the break up of salary more that 30 k to give FBT benefits to the employees
Thanks/MEenu
From India, Gurgaon
I want to know the % (any freeze limit is there) including FBT benefit
Like Basic 40%
HRA 50% of Basic.
What are the % ratios for below allowances, and their calculation.
For
Helper Allowance
Child Allowance
Uniform Allowance
LTA
Special Allowance
So that I can calculate the break up of salary more that 30 k to give FBT benefits to the employees
Thanks/MEenu
From India, Gurgaon
Dear Meenu,
In this for every breakup the max limit ipto which tax exempt per annum is mentioned only u have to calculate pm amount against each earnings heading.
Further Uniform allow, helper allow , you need to check the defination why ur company is proving .Further you might can alot a certain %ages to them or else can consider as equlizing factor(ie amount to be allocated to equilize the CTC per month).
Further Spcial Allow are 100% Taxable,you need to allocate the amounts in such a way that the employee has maximum take home creiteria.
If you have any query feel very free to contact me.
Regards,
RAchna
From India, Hyderabad
In this for every breakup the max limit ipto which tax exempt per annum is mentioned only u have to calculate pm amount against each earnings heading.
Further Uniform allow, helper allow , you need to check the defination why ur company is proving .Further you might can alot a certain %ages to them or else can consider as equlizing factor(ie amount to be allocated to equilize the CTC per month).
Further Spcial Allow are 100% Taxable,you need to allocate the amounts in such a way that the employee has maximum take home creiteria.
If you have any query feel very free to contact me.
Regards,
RAchna
From India, Hyderabad
Hi,
You can calculate the salary breakup as:
Basic 40% of gross
HRA 50% of Basic
Conveyance 800/-
PF 12% of Basic
Medical 1250/- (tax fee component)
Sodexho - 2500/-(if you have this facility) (tax fee component)
Education All. 200/- (tax free component)
Communication - 2000/- (tax free component)
Vehicle -1200/- (tax free component)
LTA - 25000/- (exempted twice in the block of 4 years)
Personal All. or Special All. or Other all. - Balance (this is a taxable component)
FBT will be calculated on components which are tax free such as sodexho,eduction,communication & vehicle
Sum of all the tax free components *6.798/100 = FBT
Salary structure for 50000 is as follows.
Basic - 20833
HRA - 10417
Conveyance All. - 800
PF - 2500
Sodexho - 2500
Medical - 1250
Education All. - 200
Comm - 2000
vehicle - 1200
Personal All. - 8300
LTA - 25000
FBT - 469
Monthly - 50000
Annual - 625000
It depends on the employer whether he pays the FBT or includes in he CTC, but in most of the companies the FBT is paid by the employer.
Hope this helps you.
Thanks,
Uttama
From India, Mumbai
You can calculate the salary breakup as:
Basic 40% of gross
HRA 50% of Basic
Conveyance 800/-
PF 12% of Basic
Medical 1250/- (tax fee component)
Sodexho - 2500/-(if you have this facility) (tax fee component)
Education All. 200/- (tax free component)
Communication - 2000/- (tax free component)
Vehicle -1200/- (tax free component)
LTA - 25000/- (exempted twice in the block of 4 years)
Personal All. or Special All. or Other all. - Balance (this is a taxable component)
FBT will be calculated on components which are tax free such as sodexho,eduction,communication & vehicle
Sum of all the tax free components *6.798/100 = FBT
Salary structure for 50000 is as follows.
Basic - 20833
HRA - 10417
Conveyance All. - 800
PF - 2500
Sodexho - 2500
Medical - 1250
Education All. - 200
Comm - 2000
vehicle - 1200
Personal All. - 8300
LTA - 25000
FBT - 469
Monthly - 50000
Annual - 625000
It depends on the employer whether he pays the FBT or includes in he CTC, but in most of the companies the FBT is paid by the employer.
Hope this helps you.
Thanks,
Uttama
From India, Mumbai
Hi Uttama,
Most of the matter is clear now, but what is this Sodexho, please explain, communication means mobile allowance just tell me.
In our company FBT is included in CTC, FBT burdened is on employee and it is the part of CTC.
Best Regards,
Meenu
From India, Gurgaon
Most of the matter is clear now, but what is this Sodexho, please explain, communication means mobile allowance just tell me.
In our company FBT is included in CTC, FBT burdened is on employee and it is the part of CTC.
Best Regards,
Meenu
From India, Gurgaon
Meenu: Sodexho, Accor coupons are the meal and Gift coupons which is being provided for the employees to get rid off with the Tax (Amounted to Rs. 1250/-) Thanks - Mirza
From Saudi Arabia, Jiddah
From Saudi Arabia, Jiddah
Hi Meenu,
Mirza is right they are meal vouchers/gift vouchers which are accepted in many of the shops, restaurants .... If the company orders for the coupons they give you the directory where these coupons are accepted. the amount can vary from 1250/ ......it depends on the company.
Yes if the employers does not pay the FBT it is added in the CTC. As I told you in most of the organization the employer pays or they don't give an option of these components. They have a very simple salary structure consisting of Basic, HRA, Conveyance all. Medical and the rest is added in some other component. (taxable).
Communication is mobile allowance. paid on producing the supporting bills.
Hope this is clear.
Thanks,
Uttama
From India, Mumbai
Mirza is right they are meal vouchers/gift vouchers which are accepted in many of the shops, restaurants .... If the company orders for the coupons they give you the directory where these coupons are accepted. the amount can vary from 1250/ ......it depends on the company.
Yes if the employers does not pay the FBT it is added in the CTC. As I told you in most of the organization the employer pays or they don't give an option of these components. They have a very simple salary structure consisting of Basic, HRA, Conveyance all. Medical and the rest is added in some other component. (taxable).
Communication is mobile allowance. paid on producing the supporting bills.
Hope this is clear.
Thanks,
Uttama
From India, Mumbai
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