Hi,
In addition to Gratuity, and other benefits, CTC can also incude the cost of uniform dress, if provided, the mobile phone expenses, if reimbursed, etc. etc. as Swastik rightly mentioned as Company specific benefits.
Regards,
Govardhan
From India, Madras
18In addition to Gratuity, and other benefits, CTC can also incude the cost of uniform dress, if provided, the mobile phone expenses, if reimbursed, etc. etc. as Swastik rightly mentioned as Company specific benefits.
Regards,
Govardhan
From India, Madras
Dear Govardhan, Just Tell me whether Net Salary is eqvivalent to Take home Salary i.e. Salary in hand Regards Srishti
From India, Bangalore
From India, Bangalore
Dear Srishti,
Yes. Nett Salary is Take Home Pay.
(However, if the employee spends some money for personal purpose on the way to home while taking his salary cash, that should not be deducted to calculate Take Home Pay, - to be on the lighter side.)
Govardhan
From India, Madras
Yes. Nett Salary is Take Home Pay.
(However, if the employee spends some money for personal purpose on the way to home while taking his salary cash, that should not be deducted to calculate Take Home Pay, - to be on the lighter side.)
Govardhan
From India, Madras
hello,
good replies to the queiry.
The Gross salary constituted basic, da, allowances like rent, compensatory, travelling, transport etc. So the gross salary is before effecting any kind of deduction.
Then come the Deduction like Provident Fund, ESI, Income-tax, insurance, advances taken etc.
Finally the amount credited at our bank account, or paid in by cash/cheque is Net Salary.
In gist Net Salary = Gross Salary - Deduction.
As correctly pointed out by SC, the income tax is calculated based on the Gross Salary.
I wish our Gross goes up..... :) Deduction comes down and ultimately the NET goes up :)
wishes
senthil raj
From Costa Rica, San José
good replies to the queiry.
The Gross salary constituted basic, da, allowances like rent, compensatory, travelling, transport etc. So the gross salary is before effecting any kind of deduction.
Then come the Deduction like Provident Fund, ESI, Income-tax, insurance, advances taken etc.
Finally the amount credited at our bank account, or paid in by cash/cheque is Net Salary.
In gist Net Salary = Gross Salary - Deduction.
As correctly pointed out by SC, the income tax is calculated based on the Gross Salary.
I wish our Gross goes up..... :) Deduction comes down and ultimately the NET goes up :)
wishes
senthil raj
From Costa Rica, San José
yeah Swastik is absolutely right.
Bonus and other annual benefits are also included in CTC. Gross salary is total monthly salary without monthly deductions (PF, TDS, Profesional tax, etc). Net salary is that you take home after all kinds of deductions.
From India, Gurgaon
Bonus and other annual benefits are also included in CTC. Gross salary is total monthly salary without monthly deductions (PF, TDS, Profesional tax, etc). Net salary is that you take home after all kinds of deductions.
From India, Gurgaon
HI,
please find .........
What is CTC ???
CTC (Cost To Company): It includes Employer contribution To PF (12%)
EXP: if CTC is Rs.8000
Employer Contribution To PF = 12% of CTC
i.e. 8000*12% = 360
What is Gross Salary???
CTC- Employer Contribution to PF
i.e. 8000-360 = 7640
Gross = 7640
What is Take Home Salary ???
Gross- employee contribution to PF - other deductions
Gross 7640 Employee contribution to PF (12%) 360
Other Deduction:
Mobile
Food
Cab
Regards,
Maniksing
From India, Bangalore
please find .........
What is CTC ???
CTC (Cost To Company): It includes Employer contribution To PF (12%)
EXP: if CTC is Rs.8000
Employer Contribution To PF = 12% of CTC
i.e. 8000*12% = 360
What is Gross Salary???
CTC- Employer Contribution to PF
i.e. 8000-360 = 7640
Gross = 7640
What is Take Home Salary ???
Gross- employee contribution to PF - other deductions
Gross 7640 Employee contribution to PF (12%) 360
Other Deduction:
Mobile
Food
Cab
Regards,
Maniksing
From India, Bangalore
Dear Swastik,
Can you plz forward me the format of salary slip.What items are madatory and what r not.
Actually people working in our organisation are not happy with the kind of salary slips we issue.
What deductions should be shown on the salary slip.
Thanks,
Richa
Can you plz forward me the format of salary slip.What items are madatory and what r not.
Actually people working in our organisation are not happy with the kind of salary slips we issue.
What deductions should be shown on the salary slip.
Thanks,
Richa
Dear Richa, Please attach your Payslip format and I will do the necessary changes and attach it back for you. Regards, SC
From India, Thane
From India, Thane
Hi Swastik,
PLz find the attached salary slip which we issue.We actually give the salary slip with the salary which is transferred into employee's accounts.
Can we give the salary slip mentioning the following items
Basic+HRA+Transport+Child education allowance+Conveyance Allowance(on which FBT is paid)+Bonus+PF.
Kindly reply ASAP.
Richa
PLz find the attached salary slip which we issue.We actually give the salary slip with the salary which is transferred into employee's accounts.
Can we give the salary slip mentioning the following items
Basic+HRA+Transport+Child education allowance+Conveyance Allowance(on which FBT is paid)+Bonus+PF.
Kindly reply ASAP.
Richa
Dear Richa,
I think some minor adjustments are needed and your payslip will be absolutely ok, so instead of modifying I am putting them here only
Keeping the same format just rename the two columns as PAYMENTS and DEDUCTIONS:
In place of TOTAL under PAYMENTS put GROSS PAY
In place of TOTAL under DEDUCTIONS put NET PAY
Yes you can also use the T format of Accounts.
In almost all Organisations which issue pre-printed and/or Computer Generated Pay Slip. All Headings under which payments that are to be made to the employees are kept and same with Deductions.
The headings under which payments are made or deductions are charged the amount is given and the rest is kept blank. For example in case of Bonus. The field will remain blank for 11 months and the month in which Bonus is paid the amount is shown. Same as in the case of Advances and Loans.
One more thing the Pay slip must have the Company Name and Logo.
Revert back for further queries.
Regards,
SC
From India, Thane
I think some minor adjustments are needed and your payslip will be absolutely ok, so instead of modifying I am putting them here only
Keeping the same format just rename the two columns as PAYMENTS and DEDUCTIONS:
In place of TOTAL under PAYMENTS put GROSS PAY
In place of TOTAL under DEDUCTIONS put NET PAY
Yes you can also use the T format of Accounts.
In almost all Organisations which issue pre-printed and/or Computer Generated Pay Slip. All Headings under which payments that are to be made to the employees are kept and same with Deductions.
The headings under which payments are made or deductions are charged the amount is given and the rest is kept blank. For example in case of Bonus. The field will remain blank for 11 months and the month in which Bonus is paid the amount is shown. Same as in the case of Advances and Loans.
One more thing the Pay slip must have the Company Name and Logo.
Revert back for further queries.
Regards,
SC
From India, Thane
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Gross Salary(1).xls