Hello, Everyone,
I am seeking your help for the calculation of tax on the salary of employees. The salary components of my company are as follows:
A.
1. Basic
2. HRA = Basic/2
3. Medical
4. Conveyance
B. Reimbursements (Monthly)
1. Conveyance
2. Mobile
C. Variable Pay
1. Performance Incentive
2. Retention Bonus
Please let me know how to calculate the income tax deduction. I am waiting for your valuable suggestions. Feel free to ask if the provided information is inadequate.
Thanks,
Sangeeta
From India, Calcutta
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3I am seeking your help for the calculation of tax on the salary of employees. The salary components of my company are as follows:
A.
1. Basic
2. HRA = Basic/2
3. Medical
4. Conveyance
B. Reimbursements (Monthly)
1. Conveyance
2. Mobile
C. Variable Pay
1. Performance Incentive
2. Retention Bonus
Please let me know how to calculate the income tax deduction. I am waiting for your valuable suggestions. Feel free to ask if the provided information is inadequate.
Thanks,
Sangeeta
From India, Calcutta
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1. Basic taxable
2. HRA - 50% of basic in Metros or 40% of basic in Non-metros - (actual rent paid minus 10% of your basic) is exempted from tax.
3. Medical - up to ₹15,000/- per annum on production of bills is exempted.
4. Conveyance - ₹9,600/- per annum is exempted from tax.
Reimbursements: Conveyance and mobile expenses are non-taxable.
Variable pay: Performance incentives and retention bonuses are taxable.
Regards, R. Ponraj
From India, Lucknow
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2. HRA - 50% of basic in Metros or 40% of basic in Non-metros - (actual rent paid minus 10% of your basic) is exempted from tax.
3. Medical - up to ₹15,000/- per annum on production of bills is exempted.
4. Conveyance - ₹9,600/- per annum is exempted from tax.
Reimbursements: Conveyance and mobile expenses are non-taxable.
Variable pay: Performance incentives and retention bonuses are taxable.
Regards, R. Ponraj
From India, Lucknow
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Good Morning Ponraj,
Thank you for your reply. I am providing you with an example detailing the salary. Please provide the taxable amount.
1. Basic=15200
2. HRA=7600
3. Medical=1250
4. Conveyance=800
B. Reimbursements (Monthly)
1. Conveyance=500
2. Mobile=250
C. Variable Pay
1. Performance Incentive (Yearly)=99760
2. Retention Bonus (Yearly)=30720
Total (Monthly)=25600, CTC=437680
From India, Calcutta
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Thank you for your reply. I am providing you with an example detailing the salary. Please provide the taxable amount.
1. Basic=15200
2. HRA=7600
3. Medical=1250
4. Conveyance=800
B. Reimbursements (Monthly)
1. Conveyance=500
2. Mobile=250
C. Variable Pay
1. Performance Incentive (Yearly)=99760
2. Retention Bonus (Yearly)=30720
Total (Monthly)=25600, CTC=437680
From India, Calcutta
Acknowledge(0)Amend(0)Join Our Community and get connected with the right people who can help. Our AI-powered platform provides real-time fact-checking, peer-reviewed insights, and a vast historical knowledge base to support your search.
EMPLOYEE SALARY INCOME TAX CALCULATION.xls x
SALARY CALCULATOR & INCOME TAX.zip