My question is if i get a salary of 4 lacs / annum how much should be my MAX & MIN BASIC Salary , Special Allowance , HRA , LTA, Conveyance etc i need a break up of 4 lacs which should be in the line of rules and regulations of income tax , labour laws etc.
From India, Hyderabad
3From India, Hyderabad
Hi, I think every company has its own payroll formula.Like in my company we prepare like CTC/75000. Then its automatically calculate Basic, HRA, PF, DA etc.
From India, Bhubaneswar
From India, Bhubaneswar
Thanx for your reply But can you explain any rationality of the formula you are applying. I am more looking at that aspect.
From India, Hyderabad
From India, Hyderabad
hi..
Every company follows there own method of calculating the basic.the most appropriate method is that 40% of ur pacakage is ur basic salary and 50% of ur basic salary is ur HRA. for example if the CTC is 210000
then ur basic will be 7000 monthly and
HRA will be 3500 monthly
hope this will clear all ur doubts.if still not then contact me on
Regards,
Amanpreet Bedi
From India, Mumbai
Every company follows there own method of calculating the basic.the most appropriate method is that 40% of ur pacakage is ur basic salary and 50% of ur basic salary is ur HRA. for example if the CTC is 210000
then ur basic will be 7000 monthly and
HRA will be 3500 monthly
hope this will clear all ur doubts.if still not then contact me on
Regards,
Amanpreet Bedi
From India, Mumbai
Thanx for your reply
In your reply you have said that 50% of basic is HRA but for Income tax purpose only 40% of salary is exempt here salary means(basic+da+comm) ofcoures there are other conditions too. but If you put HRA component less than or equal to 40% it would be easier for IT calculations.
( for metro cites 50% of salary is exempt)
But my prime objective is to find out is there a law , rule, act etc.. for fixing the basic salary component.
rutu
From India, Hyderabad
In your reply you have said that 50% of basic is HRA but for Income tax purpose only 40% of salary is exempt here salary means(basic+da+comm) ofcoures there are other conditions too. but If you put HRA component less than or equal to 40% it would be easier for IT calculations.
( for metro cites 50% of salary is exempt)
But my prime objective is to find out is there a law , rule, act etc.. for fixing the basic salary component.
rutu
From India, Hyderabad
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Salary-Note.doc
SALARY SHEET CALCULATION.xls