Hi all,
Our company is going to contribute to the Bihar Chief Minister Relief Fund. In this regard, our company's management has decided to deduct one day's salary from every employee's side.
Could anyone suggest how I should place this contribution on the salary slip? Please suggest.
The details of the salary slip are given below:
Basic: 5000.00
P.Tax: 200.00
DA: 10950.00
TDS: 300.00
HRA: 10000.00
Leave taken
Medical Allowance: 1250.00 (Deduction): 00.00
Conveyance Allowance: 800.00 Advance taken
Other Allowance: 00.00 (Deduction): 00.00
GROSS SALARY Rs 28,000.00 GROSS DEDUCTION Rs 500.00
NET SALARY PAYABLE: Rs 27,500.00
Rs Twenty-Seven Thousand Five Hundred Only
From India, Delhi
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5Our company is going to contribute to the Bihar Chief Minister Relief Fund. In this regard, our company's management has decided to deduct one day's salary from every employee's side.
Could anyone suggest how I should place this contribution on the salary slip? Please suggest.
The details of the salary slip are given below:
Basic: 5000.00
P.Tax: 200.00
DA: 10950.00
TDS: 300.00
HRA: 10000.00
Leave taken
Medical Allowance: 1250.00 (Deduction): 00.00
Conveyance Allowance: 800.00 Advance taken
Other Allowance: 00.00 (Deduction): 00.00
GROSS SALARY Rs 28,000.00 GROSS DEDUCTION Rs 500.00
NET SALARY PAYABLE: Rs 27,500.00
Rs Twenty-Seven Thousand Five Hundred Only
From India, Delhi
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In deductions column u have to mention the reason as Bihar CM Relief Fund. Dont directly deduct it without mentioning the reason. Correct me if i am wrong
From India, New Delhi
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From India, New Delhi
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Hi,
Calculate one day's salary based on the monthly gross salary and deduct that amount. The PF and PT contributions will also adjust accordingly, and then you can proceed to pay the net salary.
I believe that if you are contributing to the chief minister's relief fund, employees may be eligible to claim tax exemptions for the donated amount.
From India, Mumbai
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Calculate one day's salary based on the monthly gross salary and deduct that amount. The PF and PT contributions will also adjust accordingly, and then you can proceed to pay the net salary.
I believe that if you are contributing to the chief minister's relief fund, employees may be eligible to claim tax exemptions for the donated amount.
From India, Mumbai
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Hi Siva, Thanks for your suggestion, yeah we are thinking in tax exemption segments also but I don’t know to whom or how I can approach for tax exemption. Pls. advise …………… Kind Regds Rekha
From India, Delhi
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From India, Delhi
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Hi, this is Misbah here. I am from Mumbai. Right now, I am doing my MBA in HR from Gahlot Institute of Management, Mumbai University. In our college, we have campus placements, but I want to explore off-campus opportunities as well because I don't think I'll find a good one here, although I am a fresher.
So, what should I do to secure a placement in a corporate? Do I need to have an attractive CV? If yes, then what type of CV should I create?
Please help me as I only have one month left to secure a placement.
From India, Mumbai
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So, what should I do to secure a placement in a corporate? Do I need to have an attractive CV? If yes, then what type of CV should I create?
Please help me as I only have one month left to secure a placement.
From India, Mumbai
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Good initiative by your company. In addition to the above suggestions, please also ensure you take the consent from the respective employee before deducting a day's pay and also give exemption of tax benefit to respective employees.
From India, Madras
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From India, Madras
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We had already took the consent from the respective employees all are agreed for this contribution. I am the only person in HR in my company and I m not aware of couple of things for exemption of tax benefit, should I approach our company’s CA for the same
If you know the process then pls. let me know………
From India, Delhi
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If you know the process then pls. let me know………
From India, Delhi
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Hi, As far as tax implication is concerned , if your payroll is mangaged by third pary then they should be in position to do it. Regards, Tikam -
From India, Pune
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From India, Pune
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Hi,
The amount you want to deduct will be eligible for deduction. Your Accounts department, which prepares your payslip, knows, and you may get in touch with them. However, whatever amount you contribute as a deduction is eligible for IT exemption.
Best Regards,
Dr. P.S.S. Murthy
From India, Hyderabad
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The amount you want to deduct will be eligible for deduction. Your Accounts department, which prepares your payslip, knows, and you may get in touch with them. However, whatever amount you contribute as a deduction is eligible for IT exemption.
Best Regards,
Dr. P.S.S. Murthy
From India, Hyderabad
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You management has taken a good decision. But Include this in the payslip as Cyclone relief Fund. Regards Mouli
From India, Hyderabad
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From India, Hyderabad
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