Hi, I would like to request, can you please somebody help me to provide a full salary structure for 105000 per month and 1260000 per annum.
Basic Salary:
House Rent Allowance
Conveyance
Special Allowance
Medical Allowance
Miscellaneous
Gratuity
Provident Fund
Professional Tax
TDS
From India, Hyderabad
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Basic Salary:
House Rent Allowance
Conveyance
Special Allowance
Medical Allowance
Miscellaneous
Gratuity
Provident Fund
Professional Tax
TDS
From India, Hyderabad
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All these items you indicated appears to be in CTC structure, is’t ok with you ?
From India, Bangalore
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1158From India, Bangalore
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Dear Friend,
Please find the below salary structure:
Basic: 42000 (Should be Min 40% of salary)
HRA: 16800 (for Metros 50% of Basic & for Non Metros 40% of Basic)
LTA: 15000 (LTA can be claimed twice in a block of 4 calendar years, Present Block 2018-2021)
Medical: 15000
Conveyance: 1600
Special Allowance: 7540
Gross: 97940
Employer PF Contribution: 5040 (12% of Basic)
Gratuity: 2020 (4.81% of Basic)
CTC: 105000
The above structure is as per your requirement, but I feel that too many components are not useful. Now, as per income tax regulations, the standard deduction limit has been increased to Rs. 50,000/-, in which Medical and Conveyance will come under Standard Deduction. You can merge these components Medical and Conveyance as one component under Special Allowance.
With Regards,
Jay
From India, Hyderabad
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Please find the below salary structure:
Basic: 42000 (Should be Min 40% of salary)
HRA: 16800 (for Metros 50% of Basic & for Non Metros 40% of Basic)
LTA: 15000 (LTA can be claimed twice in a block of 4 calendar years, Present Block 2018-2021)
Medical: 15000
Conveyance: 1600
Special Allowance: 7540
Gross: 97940
Employer PF Contribution: 5040 (12% of Basic)
Gratuity: 2020 (4.81% of Basic)
CTC: 105000
The above structure is as per your requirement, but I feel that too many components are not useful. Now, as per income tax regulations, the standard deduction limit has been increased to Rs. 50,000/-, in which Medical and Conveyance will come under Standard Deduction. You can merge these components Medical and Conveyance as one component under Special Allowance.
With Regards,
Jay
From India, Hyderabad
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Hi Veera,
Now, we don't know what policy you follow in your firm with respect to:
1) DA
2) LTA
3) Other allowances such as uniforms, incentives, LTA (whether reimbursement or allowance payable monthly), Children's Educational Allowance, Compensation, pension, health & accident insurance/hospitalization, etc. Depending on these, the total emoluments would be framed. Also, take care of ESI (though not applicable for this employee). EPF is not likely to be applicable for wages above Rs. 15,000. On the other hand, if you would encourage voluntary contributions, the computation is bound to change accordingly.
From India, Bangalore
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Now, we don't know what policy you follow in your firm with respect to:
1) DA
2) LTA
3) Other allowances such as uniforms, incentives, LTA (whether reimbursement or allowance payable monthly), Children's Educational Allowance, Compensation, pension, health & accident insurance/hospitalization, etc. Depending on these, the total emoluments would be framed. Also, take care of ESI (though not applicable for this employee). EPF is not likely to be applicable for wages above Rs. 15,000. On the other hand, if you would encourage voluntary contributions, the computation is bound to change accordingly.
From India, Bangalore
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What would be the TDS for salary 105000 /Per Month.. Please need response immediately.
From India, Hyderabad
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From India, Hyderabad
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Hi Veera,
Please see the post of Jayendra where he has indicated the taxable income, etc. TDS has to be worked out after taking into account income from other sources; allowing deductions mainly for:
1) PT
2) Interest/dividend income exempted
3) Interest on Housing Loan repaid
4) Standard deduction
5) Other exempted incomes under Chapter Sec.10 - HRA (Sec.10(13), dividend (Sec.10(33), LTC (Sec.10(5), Special allowance (10(14), encashment (10(10AA), etc.
6) Then deductions permissible under 80C to 80U have to be considered before arriving at the estimated taxable income, tax on the taxable income, add interest if any, then arrive at the total tax + interest payable for the whole year. Allow for TDS recovered, then distribute the balance tax to be recovered as TDS for the remaining months of Feb & Mar 2020 to fully account for total TDS.
Under 80C, 80CCC, 80CCD(1), 1B), 80D, 80DD, 80DDB, 80 E, etc., allowable deductions have to be considered before arriving at TDS for the whole year and remaining months. You have to refer to the IT ready reckoner for this purpose, which will be helpful to completely administer the TDS responsibility as an Employer.
From India, Bangalore
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Please see the post of Jayendra where he has indicated the taxable income, etc. TDS has to be worked out after taking into account income from other sources; allowing deductions mainly for:
1) PT
2) Interest/dividend income exempted
3) Interest on Housing Loan repaid
4) Standard deduction
5) Other exempted incomes under Chapter Sec.10 - HRA (Sec.10(13), dividend (Sec.10(33), LTC (Sec.10(5), Special allowance (10(14), encashment (10(10AA), etc.
6) Then deductions permissible under 80C to 80U have to be considered before arriving at the estimated taxable income, tax on the taxable income, add interest if any, then arrive at the total tax + interest payable for the whole year. Allow for TDS recovered, then distribute the balance tax to be recovered as TDS for the remaining months of Feb & Mar 2020 to fully account for total TDS.
Under 80C, 80CCC, 80CCD(1), 1B), 80D, 80DD, 80DDB, 80 E, etc., allowable deductions have to be considered before arriving at TDS for the whole year and remaining months. You have to refer to the IT ready reckoner for this purpose, which will be helpful to completely administer the TDS responsibility as an Employer.
From India, Bangalore
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Employee Benefits.doc