Hemang
Comp & Ben Manager
Vaishali.0307
Humar Resource
Harshalee
Faculty
Alcatraz.rajeev
Sap Hr Consultant
+1 Other

PRIME SPONSOR - FACTOHR - Payroll Software with GPS Enabled Attendance, Travel, Performance Management, HRMS. Explore Features
Hello friendsI am new to forum and new to HR. I have designed a salary structure for my company - financial institution.Wherein all employees are highly qualified.I am attaching excel sheet please let me know the income tax applicability, exemptions and FBT applicability.Please help. This is my fist assignment and i dont want to loose a chance.Please guide me. ThanksRegardsPari

Attached Files
Membership is required for download. Create An Account First
File Type: xls TAXABILITY.xls (18.0 KB, 3422 views)

Cite.Co is a repository of information created by your industry peers and experienced seniors sharing their experience and insights.
Join Us and help by adding your inputs. Contributions From Other Members Follow Below...
HI Please find my views for the same. attached excel sheet displays the remarks. Regards Rajeev

Attached Files
Membership is required for download. Create An Account First
File Type: xls TAXABILITY_with remarks.xls (19.5 KB, 1634 views)

Thank you for your reply on Salary Components and Proportionate taxability.Can i bother you with one more querry1. How do you value Gratuity and Mediclaim per employee so as to account in CTC.2. Also i have posted one querry regarding PF on forum and attaching it here if you can help me with that too PleaseThank youPari

Attached Files
Membership is required for download. Create An Account First
File Type: doc PF query.doc (25.5 KB, 1950 views)

HI pari.
1 gratuity while including in the CTC can be valued @4.81% of basic salary provided by you,as per policy of you comapny or as per govy min payment is X*15 days/26 days ex 10000 is last drawn basic salary hence if you value it @4.81% it will be 481. if you do it 10000*15/26 it will also be 481 hence value gratuity @4.81 % of your basic salary and added it up in your CTC.
Regarding the PF query please find my ans in blod in the attachment.
Regards
rajeev

Attached Files
Membership is required for download. Create An Account First
File Type: doc PF%20query[1].doc (23.0 KB, 1004 views)

Dear Pari,
Answer provided is correct in Excel but certain components cannot be Non taxable s you need to study IT act salary pert.
like LTA the period as described by it act 2006-2009 calender years i.e one can claim it benefit for any two years in block of 4 years .
Secondly pertol attract FBT which is 7% tax .
Thirdly Gratuity is tax free to the extend of 3.5 lacs only
One need to under stand the heads in regards to income tax provisions.
regards
hemang
Hi, Will you please clarify the cap for attire allowance??? Is it true that it does not attract FBT or IT both?? Regards, Vaishali
Hello Rajeev.Good MorningThank you for your reply on my query wrt Salary Components and Taxability and also PF. Your reply' are clear and to the point. Even though I have got some more doubts about PF . Please find attached word document. And answer me.Thank youRegardsPari

Attached Files
Membership is required for download. Create An Account First
File Type: doc PF Query Revised.doc (32.0 KB, 846 views)

Isaw ur work.Before u design a ctc, u should have the basic salary known.After which you can calculate the deffered income,basic linked incentives,and of course the indirect cost to the company.As per the norm the take home salary should be round about 7opercent min. of the the ctc.bye let me know.
PRIME SPONSOR - TALENTEDGE "Interactive Anywhere Learning". Executive courses from top reputed institutes like IIM, XLRI, MICA. View Courses
Add Reply Start A New Discussion






About Us Advertise Contact Us
Privacy Policy Disclaimer Terms Of Service



All rights reserved @ 2019 Cite.Co™