chellammal Started The Discussion:
Dear sir i wish to know the salary structure for private limited company and what are all the leaves we can avail per year. Thanks & Regards Chellammal
Find below the salary structure mostly prevailing in the current time in the Industries..
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.
MobileReimbursement / Month
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
EX-Gratia/Bonus = A fixed amount asBonus
Annual Fixed GrossCost= Gross/Annum+ Ex-gratia
Annual Total Cost = AFGC + PF+ESIC
Annual total cost is also called as CTC.
Hope now it will be very much clear to you,
Regarding Leaves it is around 32 leaves in a year apart from Maternity leaves.. These 32 leaves mainly divided into 3 categories-
1. Earned or Paid Leaves - 16 days
2. Casual Leaves - 8
3. Sick Leaves - 8.
Paid leaves can be carried forward to the next year as well whereas the same is not allowed with other types.
We are FMCG company with a turnover of more than 200 crores with an all india presence. We would like to work out a tax friendly salary structure for our Employees (Asst Manager and above) respecting the law of the land.
I request all my fellow professional to contribute their inputs on the above- like various head, limits, procedures, documents required etc.
I will consolidate this and send to everyone.
Request your response please.
The structure that i have mentioned above has some contents which are exempted from Tax.. like HRA and TA of rupees 800 is exempted from tax.
Apart from this medical reimbursement of rupees 1250 per month is also exempted from the taxes.. But for this you need a medical bill from each of them separately..
I think I can help you with the Leaves data. You can Bifurcate the Leaves into Two major divisions :
CL - Casual Leave(Sick,Emergencies,Casual) - 12
PL - Planned Leaves(Marriage, any planned events) - 10
Every CL per month which May or May not be used can't be taken forward to
Next month . The CL which is Lapsed will be not encashed after completion of Year (Dec 31st), However PL will be encashed after successful completion of year or will be added to the coming year leaves Kitty .
Let me know how do u feel the same [/b]
I really needs your help.
I am working in a Private Limted Software firm in Mumbai. Incorporation 1.10.07. They offered Me a Salary by deducting a Professional tax. They are not giving any other facility. even when i absent they deduct it from Salary. As i am the Senior employee of old company and they have merged it to form new one.
when ever i want to talk about the increment and other facility, they say are working on last 8 Month.
Please give me Mandatory Salary Structure for Private limited Software firm.
i am not receiving any other facilities
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