Hi Seniors,
I have a query regarding CTC.
As per the existing compensation structure, Meal Voucher, Medical Reimbursements & Leave Travel Allowance are part of the annual CTC.
You have been given a one-time, irrevocable option to discontinue any/all of the below and include them as part of Special Allowance -
a) Meal Voucher
b) Medical Reimbursements
c) Leave Travel Allowance
I would like to know which is beneficial as per employee's point of view.
Please suggest
From India, Mumbai
1I have a query regarding CTC.
As per the existing compensation structure, Meal Voucher, Medical Reimbursements & Leave Travel Allowance are part of the annual CTC.
You have been given a one-time, irrevocable option to discontinue any/all of the below and include them as part of Special Allowance -
a) Meal Voucher
b) Medical Reimbursements
c) Leave Travel Allowance
I would like to know which is beneficial as per employee's point of view.
Please suggest
From India, Mumbai
Most of the employee related benefits when paid is cash/cheque/cr.to a/c etc. as allowances or perks in kind would attract IT subject to limits provided in the IT Act. It's always safe to claim as reimbursements, which again subject to limits, however comparatively beneficial. That's why benefits like LTA, Children Edu.Allw, conveyance, medical exp. etc. are claimed at actuals subject to producing bills & vouchers for actually incurred as per their policy. Though reimbursements also taxable over and above the limits as per IT it could be bearable. May youngsters are not expected not spend much on medical care and encouraged to take tours with family as refresher. There are also other allowances paid at difference levels therefore Consider these options with an eye on taxablity.
From India, Bangalore
From India, Bangalore
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CTC-Salary Break Up.pdf
CTC Break up.xls