Is it Correct to show ,as deduction , bonus amount in salary sheet/pay slip by showing the gross monthly CTC amount. Is there any statutory complicity in showing that .
From India, Bhubaneswar
From India, Bhubaneswar
CTC is an internal calculation. In fact ti has to be used only for negotiation.I come across with many posting here saying twhether Bonus or PF can be shown in Pay slip. Then why not Gratuity? Why not other benefits?
STEP 1
Basic plus DA plus HRA+ Conveyance + other allowances payable every month
STEP 2
Monthly incentives * monthly reimbursements
STEP 3
Annual Payments like LTA Medical, Performance Pay, Bonus
Step 4
Employers contribution towards PF,ESI etc and gratuity. Any amount payable towards superannuation
STEP 5
Cost of Car/Cost of interest on Loans/
All these put together form CTC. There is no legal definition for CTC. Some Companies even add Canteen subside/travel subsidy/Accident insurance etc
In senior positions, some companies add vacation cost to CTC.
In a Payslip, which is given every month one need to show the following only
STEP 1 retcated items which form monthly earnings
Step 2 related items which form monthly reimbursements
STEP 4 related deductions plus other deductions like IT Professional Tax loan recovery etc
No other items should be shown in the Pay slip. I also do not understand as to what purpose it serves?
From India, Chennai
368STEP 1
Basic plus DA plus HRA+ Conveyance + other allowances payable every month
STEP 2
Monthly incentives * monthly reimbursements
STEP 3
Annual Payments like LTA Medical, Performance Pay, Bonus
Step 4
Employers contribution towards PF,ESI etc and gratuity. Any amount payable towards superannuation
STEP 5
Cost of Car/Cost of interest on Loans/
All these put together form CTC. There is no legal definition for CTC. Some Companies even add Canteen subside/travel subsidy/Accident insurance etc
In senior positions, some companies add vacation cost to CTC.
In a Payslip, which is given every month one need to show the following only
STEP 1 retcated items which form monthly earnings
Step 2 related items which form monthly reimbursements
STEP 4 related deductions plus other deductions like IT Professional Tax loan recovery etc
No other items should be shown in the Pay slip. I also do not understand as to what purpose it serves?
From India, Chennai
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