In my opinion, employer's share of contribution to ESI and PF should be part of CTC.
Bonus is 8.33% of Basic. you can restrict the Basic to 3500/-p.m. as per current provisions of Payment of Bonus Act.
Rajiv
From India, Gurgaon
3Bonus is 8.33% of Basic. you can restrict the Basic to 3500/-p.m. as per current provisions of Payment of Bonus Act.
Rajiv
From India, Gurgaon
Yes, it is very much part of CTC. The CTC of 1.80 lacs comprises both PF and ESI (Employer's share only)
Particulars Annual
Basic - 90675
HRA - 36270
CA - 9600
MR - 15000
SA - 0
LTA - 4534
Sub-Total - 156079
Statutory Contributions:
Bonus (Annual) - 3500
Prov. for Gratuity (Annual) - 4359
PF Employer Cont - 9360
ESI - 6702
Sub-Total - 23921
Grand Total - 180000
Deductions:
Gross PF Contribution - 20241
Gross ESI Contribution - 9170
Professional Tax Deposit - 0
Sub-Total - 29411
Net Payable - 150589
From India, Gurgaon
Particulars Annual
Basic - 90675
HRA - 36270
CA - 9600
MR - 15000
SA - 0
LTA - 4534
Sub-Total - 156079
Statutory Contributions:
Bonus (Annual) - 3500
Prov. for Gratuity (Annual) - 4359
PF Employer Cont - 9360
ESI - 6702
Sub-Total - 23921
Grand Total - 180000
Deductions:
Gross PF Contribution - 20241
Gross ESI Contribution - 9170
Professional Tax Deposit - 0
Sub-Total - 29411
Net Payable - 150589
From India, Gurgaon
Please give me a scheme for Fuel and maintenance Charges for employees and how they are taxed
also a scheme for the house provided in the company colony how an employee can be benefited with lower tax
From India, New Delhi
also a scheme for the house provided in the company colony how an employee can be benefited with lower tax
From India, New Delhi
Hi HR Guys I appriciate all your arguments Normally every company management his own principal to give the salary brakup sheet This is one method to give the breakup of employee Suresh VVN
From India, Hyderabad
From India, Hyderabad
Dear Rahul Please see this attachment for PF & ESI Still you are any clarification please post the comment. Suresh VVN
From India, Hyderabad
From India, Hyderabad
Dear Rajiv,
Thanks for sharing this knoweldge with us. I don't know how many would agree but Stautory laws and Payroll Management is a bit to tricky at times unless you understand it throughly. Thanks anyways for sharing.
Thank You!!!
From India, Madras
Thanks for sharing this knoweldge with us. I don't know how many would agree but Stautory laws and Payroll Management is a bit to tricky at times unless you understand it throughly. Thanks anyways for sharing.
Thank You!!!
From India, Madras
Dear Frnds, I have a query . pls help me. If the monthly CTC is 10976/-, then what would be annual CTC of that person. Pls respond soon. Regards, Deepa
From India, Delhi
From India, Delhi
Dear Santhi
Normally CTC is fixed by the management once the ctc is fixed as per the HR policy we need to process.
1 If your company has his ownpolicy to design salary break up dully signed by the authorised person i.e ( Vice resident HR / Managing Director / Chairman like ---------- )
2. According to that we will plan what % we need to fix basic. Once the basic is comlected the remaing we will see as per the act like Income Tax Act, PF Act and other applicable Acts
if yo want the breakp sheet i can give you providing the above info.
Thanks & Regards
V.V.N.Suresh
From India, Hyderabad
Normally CTC is fixed by the management once the ctc is fixed as per the HR policy we need to process.
1 If your company has his ownpolicy to design salary break up dully signed by the authorised person i.e ( Vice resident HR / Managing Director / Chairman like ---------- )
2. According to that we will plan what % we need to fix basic. Once the basic is comlected the remaing we will see as per the act like Income Tax Act, PF Act and other applicable Acts
if yo want the breakp sheet i can give you providing the above info.
Thanks & Regards
V.V.N.Suresh
From India, Hyderabad
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Typical salary breakup.jpg
Salary breakup format.xls