Hi All,
Need your assistance in this regards, can you please let me know if it is mandatory to allocate 40% of Gross Salary towards Basic or is it that the company can decide on this and it can be flexible.
Regards
Sashank B.
From India, Hyderabad
7Need your assistance in this regards, can you please let me know if it is mandatory to allocate 40% of Gross Salary towards Basic or is it that the company can decide on this and it can be flexible.
Regards
Sashank B.
From India, Hyderabad
Dear Sashank, it is not necessary to keep 40% as basic on gross salary but the basic may vary from company to company but we need to keep minimum 35% as basic
From India, Hyderabad
From India, Hyderabad
I agree with Mr. Sivakumar. Its depends on the company. For example an employee of future group is getting 12k as gross whereas his basic is less than 3k. And an emp of IBM is getting 25k and his basic is near about 11k.I hope this attachment will give some idea of basic and gross
From India, Durgapur
From India, Durgapur
Dear Shashank,
The contents of the salary break up is as below, you can prepare it at the suitability of your own. HRA would be 50 or 60% of basic.
Basic = between 40 - 60% of Gross
HRA = 40 or 50 % of Basic salary
TA
Other Allowance
Gross Per Month = Sum of all the above.
GrossPer Annum= 12*Gross/Month
PF Contribution= 12% of Basic/Annum
ESIContribution = 4.75% of Gross/Annum
Medical = The mediclaim facility provided to an employee who are not covered under ESI as the maximumceiling for ESI is 10000/Month.
Getting more than this will be covered under Mediclaim or it depends on company policy
Annual Total Cost = Gross Per annum + PF+ESIC
Annual total cost is also called as CTC.
Hope now it will be very much clear to you, if you have any query feel free to ask.
Regards,
Amit Seth.
From India, Ahmadabad
The contents of the salary break up is as below, you can prepare it at the suitability of your own. HRA would be 50 or 60% of basic.
Basic = between 40 - 60% of Gross
HRA = 40 or 50 % of Basic salary
TA
Other Allowance
Gross Per Month = Sum of all the above.
GrossPer Annum= 12*Gross/Month
PF Contribution= 12% of Basic/Annum
ESIContribution = 4.75% of Gross/Annum
Medical = The mediclaim facility provided to an employee who are not covered under ESI as the maximumceiling for ESI is 10000/Month.
Getting more than this will be covered under Mediclaim or it depends on company policy
Annual Total Cost = Gross Per annum + PF+ESIC
Annual total cost is also called as CTC.
Hope now it will be very much clear to you, if you have any query feel free to ask.
Regards,
Amit Seth.
From India, Ahmadabad
dear S
Basic pay is generally fixed based on the minimum amount required for a person to live. For those engaged in Government jobs even if the govt.has financial disability to pay the entire salary Govt. is bound to pay the basic salary to its employees. Therefore having more basic salary is advantageous to employees. Based on the basic salary other components of the salary is considered. But now a days basic salary has no meaning , it differs from place to place. There is no any definet base followed to fix basic salary presently.
thanks nd regards
madhwa
From India, Mumbai
Basic pay is generally fixed based on the minimum amount required for a person to live. For those engaged in Government jobs even if the govt.has financial disability to pay the entire salary Govt. is bound to pay the basic salary to its employees. Therefore having more basic salary is advantageous to employees. Based on the basic salary other components of the salary is considered. But now a days basic salary has no meaning , it differs from place to place. There is no any definet base followed to fix basic salary presently.
thanks nd regards
madhwa
From India, Mumbai
Gents, Is there a program or excel sheet which splits the CTC into various components under various heads. More importantly if there is some way of calculating approximate Tax payable and hence 'Take home' post tax.
Sorry for this repeated question but I am an ultra novice and pretty lost in the calculations. My HR also deducts portion of the salary as Tax amount and invariably I end up over paying. My idea in asking this question is to get close to real amount that I take home.
My HR uses the following excel sheet to split our salary but this is gross take home. If some finance/account wizards can add the rest of the details as described above, it wold be enlightening
From India, Bangalore
Sorry for this repeated question but I am an ultra novice and pretty lost in the calculations. My HR also deducts portion of the salary as Tax amount and invariably I end up over paying. My idea in asking this question is to get close to real amount that I take home.
My HR uses the following excel sheet to split our salary but this is gross take home. If some finance/account wizards can add the rest of the details as described above, it wold be enlightening
From India, Bangalore
Yes i agree with Mr. amith & madhwa..but as i thing initaily we have to folow the minimum wages as per the govt i.e basic + DA for the diff catagory or nature of work of that particular state.. if a employer give more than that is not a issue..so bases of these factors further you can fix the percentage i.e calculation...
regards,
ramnath g naik
From India, Bangalore
regards,
ramnath g naik
From India, Bangalore
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Gross Salary(1).xls