This is my first salary in company i want to know what are these in my salary??
What is BASIC / HRA / ALLOWANCE/ LTA / Medical / PT and Others ...!
EARNINGS DEDUCTIONS
BASIC 9847 PT 200
HRA 4924 Others 1650
ALLOWANCE 4431
LTA 5416
MEDICAL 1250
TRANSPORT SUBID 800 TOTAL 1850
TOTAL 26668
NET PAY 24818
Please let me know ASAP any one in detail.
From India, Bangalore
What is BASIC / HRA / ALLOWANCE/ LTA / Medical / PT and Others ...!
EARNINGS DEDUCTIONS
BASIC 9847 PT 200
HRA 4924 Others 1650
ALLOWANCE 4431
LTA 5416
MEDICAL 1250
TRANSPORT SUBID 800 TOTAL 1850
TOTAL 26668
NET PAY 24818
Please let me know ASAP any one in detail.
From India, Bangalore
Mmmmmmmmm kuch toh gadbad hai Mmmmmmmmm kuch toh gadbad hai Mmmmmmmmm kuch toh gadbad hai Mmmmmmmmm kuch toh gadbad hai
From India, Madras
113From India, Madras
Hi
This link may assist you understand all the salary components
Major Salary Components « hrmexpress
Let me know if further assistance required
From India, Mumbai
This link may assist you understand all the salary components
Major Salary Components « hrmexpress
Let me know if further assistance required
From India, Mumbai
Hi Pavithra,
A CTC means Employee Cost to Co.
CTC = Gross + PF (Employer Contribution) – ESI (Employer Contribution)- Gratuity
Net Salary = Gross – PF (Employee Contribution) – ESI (Employee Contribution) – Professional Tax
PF and ESIC both are employee benefits... you can read about it separately
Your Gross Salary includes Basic + Allowances
Basic is fully taxable, Now if your employer gives you rest of the gross salary as special allowances(Other Allowance), that to becomes taxable.
To help Employees pay less tax Employers distribute the Special Allowance (Other Allowance) in Travel allowance, HRA allowance, Medical Allowance, etc. Some of these allowances require submission of medical bills, rent receipt, etc for your Tax exemption. And some don't require any supporting doc's like Travel Allowance. An Employee doesn't need to pay tax on such allowances. This income becomes totally tax free.
Hope this helps you understand the aforesaid salary components.
In case if you wish to know how you can avail the benefits of the HRA, Conveyance and Medical All. Component, go through the below link
HRA « hrmexpress
Conveyance Allowance « hrmexpress
Section 80D – Deduction in respect of for health insurance premia paid, etc. « hrmexpress
From India, Mumbai
A CTC means Employee Cost to Co.
CTC = Gross + PF (Employer Contribution) – ESI (Employer Contribution)- Gratuity
Net Salary = Gross – PF (Employee Contribution) – ESI (Employee Contribution) – Professional Tax
PF and ESIC both are employee benefits... you can read about it separately
Your Gross Salary includes Basic + Allowances
Basic is fully taxable, Now if your employer gives you rest of the gross salary as special allowances(Other Allowance), that to becomes taxable.
To help Employees pay less tax Employers distribute the Special Allowance (Other Allowance) in Travel allowance, HRA allowance, Medical Allowance, etc. Some of these allowances require submission of medical bills, rent receipt, etc for your Tax exemption. And some don't require any supporting doc's like Travel Allowance. An Employee doesn't need to pay tax on such allowances. This income becomes totally tax free.
Hope this helps you understand the aforesaid salary components.
In case if you wish to know how you can avail the benefits of the HRA, Conveyance and Medical All. Component, go through the below link
HRA « hrmexpress
Conveyance Allowance « hrmexpress
Section 80D – Deduction in respect of for health insurance premia paid, etc. « hrmexpress
From India, Mumbai
Hi Pavithra,
have to know about salary.
Salary -- is the amount which is paid to an employee for his service.
Govt has made few rules on salary . Like Min. Wages Act,etc.
Few Components in Salary.
Earnings:
Basic --Min amount paid to an employee .
DA(Dearness Allowance)-allowance paid to employee with basic.
HRA(House Rent Allowance)-which is given as allowance.
Medical Allowance-
LTA(Leave Travel Allowance)-
Conveyance--
Employer PF-Which is an indirect monthly payment to employee credited to his PF account for his future benifits(not a part of salary as per PF act)
CEA(Children Educational Allowance)
These are few things which are in salary earnings.
In Deductions
PF(Provident Fund)-12% on basic
PT( Professional Tax as per state)
ESI(Employee state Insurance)
Hope this will hep you.
From India, Namakkal
have to know about salary.
Salary -- is the amount which is paid to an employee for his service.
Govt has made few rules on salary . Like Min. Wages Act,etc.
Few Components in Salary.
Earnings:
Basic --Min amount paid to an employee .
DA(Dearness Allowance)-allowance paid to employee with basic.
HRA(House Rent Allowance)-which is given as allowance.
Medical Allowance-
LTA(Leave Travel Allowance)-
Conveyance--
Employer PF-Which is an indirect monthly payment to employee credited to his PF account for his future benifits(not a part of salary as per PF act)
CEA(Children Educational Allowance)
These are few things which are in salary earnings.
In Deductions
PF(Provident Fund)-12% on basic
PT( Professional Tax as per state)
ESI(Employee state Insurance)
Hope this will hep you.
From India, Namakkal
Hi Pavithra
Nowaday all employees working in any sector is getting negotiated salary in monthly/Annual CTC. CTC means Cost to Company.
Salary may have many heads/part of it.
Basic Salary - Means an amount that is to full fil your basic needs other then a house of you & your family .
HRA - means an amount that is known as House Rent Allowance it is self explanatory.
Coveyance - Mean an amount to full fil your conveyance expenses.
Transport Allowance - means an amount for adjusting transport expenses commuting your duties.
PF - means Employees Provident Fund, it is as per the concern labour act & is 12% of your basic applicable on 6500 only& as your share and similar share from employer. It is a deduction.
& many more heads are in salary, it depends on the industry / Organization.
TY
Ajay Pal singh
Human Resource Professional
From India, Delhi
Nowaday all employees working in any sector is getting negotiated salary in monthly/Annual CTC. CTC means Cost to Company.
Salary may have many heads/part of it.
Basic Salary - Means an amount that is to full fil your basic needs other then a house of you & your family .
HRA - means an amount that is known as House Rent Allowance it is self explanatory.
Coveyance - Mean an amount to full fil your conveyance expenses.
Transport Allowance - means an amount for adjusting transport expenses commuting your duties.
PF - means Employees Provident Fund, it is as per the concern labour act & is 12% of your basic applicable on 6500 only& as your share and similar share from employer. It is a deduction.
& many more heads are in salary, it depends on the industry / Organization.
TY
Ajay Pal singh
Human Resource Professional
From India, Delhi
Dear Pavitra
Here is your salary description or parts
Your Basic Salary :- 9847/-
Your House Rent Allowance :- 4924/- ( 50% of basic salary)
Your Allowance :- 4431/-
Medical allowance :- 1250/-(which is already Fix)
LTA (Leave Travel Allowance) :- 4431/-
Now Your deduction part are :
PF(Provident Fund)-12% on basic salary
PT( Professional Tax as per state) :- 200/-
Meenu
From India, New Delhi
Here is your salary description or parts
Your Basic Salary :- 9847/-
Your House Rent Allowance :- 4924/- ( 50% of basic salary)
Your Allowance :- 4431/-
Medical allowance :- 1250/-(which is already Fix)
LTA (Leave Travel Allowance) :- 4431/-
Now Your deduction part are :
PF(Provident Fund)-12% on basic salary
PT( Professional Tax as per state) :- 200/-
Meenu
From India, New Delhi
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
NearMiss Incident Explanation.ppt
Leadership Styles - Explanation.doc