Quote:
Originally Posted by umakant gairola  Dear Santosh
Mentioned below are the Salary Components:
1. Basic - 100% of the gross salary
2. HRA - 50% of basic in metro and 40% non metro
3. Conveyance - 800 fixed per mnth
4. Medical Allowance - 1250 fixed per mnth
5. LTA ((subject to company policy and entitlement) - 8.33% of Basic
6. Superannuation (Subject to company policy) - can be 3% - 6% of basic
7. PF (Subject to company policy) - 12 % of basic (employee contribution)
8. Flexi Basket--- its a fixed amount to can be for driver utilisation , petrol reimbursements, books & periodicals, home furnishing, business attire etc(this is non taxable)
***
Formula to calculate basic is 100+50+8.33+3+12=173.33
eg: salary 25000 pm, minus the fixed amount like conveyance and medical and flexi if ..so 25000-800-1250=22950
basic=22950/173.33*100
HRA = basic*50% ...
....
soonnnnnnnnnnnnnnnnn
umakant |
Under flexi basket what exactly is the amount we can save on tax, please let me know
regards
