Dear Sir, My gross salary is 23300, Basic is calculated 11880, HRA is 5940 and other is 5480, Just i want to know it is right calculated.
From India, Delhi
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From India, Delhi
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Dear Sanjay,
Yes, it is the correct calculation. Your basic is more than 50% of the gross, and your HRA is 50% of basic. Other components can be bifurcated into conveyance allowance, medical allowance, LTA, etc. for availing the exemption in Income tax. Since your basic is 11880/-, you will be a contributor to EPF as well. Salary bifurcation varies from company to company. Your Basic & HRA are correctly calculated. No doubt.
Thanks & Regards,
Devesh Chauhan
Practicing in Accounts, Finance, Taxation, Labour Laws
From India, Basti
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18Yes, it is the correct calculation. Your basic is more than 50% of the gross, and your HRA is 50% of basic. Other components can be bifurcated into conveyance allowance, medical allowance, LTA, etc. for availing the exemption in Income tax. Since your basic is 11880/-, you will be a contributor to EPF as well. Salary bifurcation varies from company to company. Your Basic & HRA are correctly calculated. No doubt.
Thanks & Regards,
Devesh Chauhan
Practicing in Accounts, Finance, Taxation, Labour Laws
From India, Basti
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Sanjay,
Bifurcation of gross wages and CTC into its components is a function HR of your company will do. It is entirely up to them to put what they want in the breakup. There is no fixed structure or norms. If they decide to put 100% in basic, even then you can't do anything.
From India, Mumbai
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Bifurcation of gross wages and CTC into its components is a function HR of your company will do. It is entirely up to them to put what they want in the breakup. There is no fixed structure or norms. If they decide to put 100% in basic, even then you can't do anything.
From India, Mumbai
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