Hi All,
Can anybody provide me with inputs about :
1) The present tax structure of employed individual, I want to know details like after what amount of income he has to pay tax, how much they can he save to avoid more tax etc.,
2) Format for a pay slip
Your help is deeply appreciated as i am in need of this very badly.
thanks and regards
madhuree
From India, Bangalore
Can anybody provide me with inputs about :
1) The present tax structure of employed individual, I want to know details like after what amount of income he has to pay tax, how much they can he save to avoid more tax etc.,
2) Format for a pay slip
Your help is deeply appreciated as i am in need of this very badly.
thanks and regards
madhuree
From India, Bangalore
dear madhuree,
At the outset i record my welcome note for your entry into this forum.
Just for information the first meeting of CITEHR - Chennai was held on 15-10-2006 and it was really successful. The second meeting will probably be held on 03-12-2006. Kindly watch the cite for more information. Many friends are working on this.
Coming to your query
1. Tax structure is as follows:
(Tax payable)
For women employees:
Taxable Income Upto 135000/- Nil
Rs.135001 to 1500 - 10% of income exceeding 135000
150001 to 250000 - 1500 + 20% of income exceeding 150000
250001 and above - 21500 + 30% of income exceeding 250000
Other employees
Taxable income upto Rs.100000 Nil
100001 to 150000 - 10% of income exceeding 100000
150001 to 250000 - 5000 + 20% of income exceeding 150000
250001 and above - 25000 + 30% of income exceeding 250000
+ you have to add Education Cess @ 2 % on tax payable
Surcharge of 10% will be payable only when the taxable income is more than Rs.10,00,000 (ten lakhs)
Permissible deduction from the salary (upto Rs.100000)
Contribution towards PF
Group Insurance
LIC Premium
Contribution to 15 yr PPF
NSC purchased during the year
Contribution to ULIP
Refund of HBA interest
tution fee paid limited to 2 children
Infrastructure bonds
LIC Jeeven suraksha (limited to 10,000)
Contribution to New pension scheme (Limited to 10% of salary)
Medical insurance (limited to Rs.10000)
expenditure incurred on physically handicapped dependent (50000)
Donation to PM Natinal relief fund
Physically handicapped assessee Rs.50000 (Rs.75000/- in case of severe disability with 80%)
About the format for the pay slip :
i give you details what we follow in our set up
Name of the employee , department, designation, PAN NO. Employee NO.
PF No. Bank a/c No. (if salary is credited directly into bank), Pay scale.
Entitlements: Basic pay , spel. pay, DA, houre rent, city allowance and other allowances. Total Pay
Deduction PF, incometax , telephone, recovery of loan, recover of advances, PF loan, Total Deduction
Total pay - Total deduction = Net Salary
Signature of the authority
Remarks : If you want to convey any common message, this can be displayed.
The salary slip format can be modified to suit your nees.
hope above will be of useful to you.
in case of more details, kindly contact
09871487138
wishes
senthil raj
From Costa Rica, San José
4At the outset i record my welcome note for your entry into this forum.
Just for information the first meeting of CITEHR - Chennai was held on 15-10-2006 and it was really successful. The second meeting will probably be held on 03-12-2006. Kindly watch the cite for more information. Many friends are working on this.
Coming to your query
1. Tax structure is as follows:
(Tax payable)
For women employees:
Taxable Income Upto 135000/- Nil
Rs.135001 to 1500 - 10% of income exceeding 135000
150001 to 250000 - 1500 + 20% of income exceeding 150000
250001 and above - 21500 + 30% of income exceeding 250000
Other employees
Taxable income upto Rs.100000 Nil
100001 to 150000 - 10% of income exceeding 100000
150001 to 250000 - 5000 + 20% of income exceeding 150000
250001 and above - 25000 + 30% of income exceeding 250000
+ you have to add Education Cess @ 2 % on tax payable
Surcharge of 10% will be payable only when the taxable income is more than Rs.10,00,000 (ten lakhs)
Permissible deduction from the salary (upto Rs.100000)
Contribution towards PF
Group Insurance
LIC Premium
Contribution to 15 yr PPF
NSC purchased during the year
Contribution to ULIP
Refund of HBA interest
tution fee paid limited to 2 children
Infrastructure bonds
LIC Jeeven suraksha (limited to 10,000)
Contribution to New pension scheme (Limited to 10% of salary)
Medical insurance (limited to Rs.10000)
expenditure incurred on physically handicapped dependent (50000)
Donation to PM Natinal relief fund
Physically handicapped assessee Rs.50000 (Rs.75000/- in case of severe disability with 80%)
About the format for the pay slip :
i give you details what we follow in our set up
Name of the employee , department, designation, PAN NO. Employee NO.
PF No. Bank a/c No. (if salary is credited directly into bank), Pay scale.
Entitlements: Basic pay , spel. pay, DA, houre rent, city allowance and other allowances. Total Pay
Deduction PF, incometax , telephone, recovery of loan, recover of advances, PF loan, Total Deduction
Total pay - Total deduction = Net Salary
Signature of the authority
Remarks : If you want to convey any common message, this can be displayed.
The salary slip format can be modified to suit your nees.
hope above will be of useful to you.
in case of more details, kindly contact
09871487138
wishes
senthil raj
From Costa Rica, San José
Hi Senthil, In the permissible deduction of salary you mentioned Refund of HBA Interest. What is that? is it anything to do wtih Housing loan Interest. could you please clarify Regards Madhuri
From India, Bangalore
From India, Bangalore
Dear Madhuree, Please visit the Income Tax department’s official website: ww.incometaxindia.gov.in Regards Sathiyamoorthy iyer
From India, Madras
From India, Madras
Hi,
I am a HR Executive at a new manufacturing firm and would like to gather more details about the department of HR and the Necessary Forms required in that department.
To Start with I request you to provide me with a salary slip format for a manufacturing firm.
And the basic needs required for a start up firm with employees of 30 members.
Looking forward to an early reply.
thanks and regards,
Rosy
From India, Madras
I am a HR Executive at a new manufacturing firm and would like to gather more details about the department of HR and the Necessary Forms required in that department.
To Start with I request you to provide me with a salary slip format for a manufacturing firm.
And the basic needs required for a start up firm with employees of 30 members.
Looking forward to an early reply.
thanks and regards,
Rosy
From India, Madras
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.
Designing pay Structure, Levels, and Mix.ppt
Pay structure.xls