PROFESSIONALS AND BUSINESSES PARTICIPATING IN DISCUSSION
Assistant Manager - Corporate Hr
Management Consultant/business Advisor
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You can also add :
1. Uniform Maintenance
2. Professional Enrichment Allowance
3. Entertaintment (Reimbursement) etc.,
4. Vehicle Allowance
5. Phone Allowance
Most of the component above can be considered for Higher grade salaries.
amitkumarI just wanted to know the limits of Uniform Maintenence and Professional Enrichment Allowance Regards Amit
From India, Ahmadabad
AnonymousProfessional Enrichment :
Eligible employees may request reimbursement for expenses associated with professional development such as seminars, books, professionally related dues etc. for the employee’s professional or echnical growth. Amount of maximum reimbursement is in accordance with the employee’s memorandum of understanding.
Uniform Maitenance can be reimbursed in accordance with the employee memorandum of understanding
afolabi ajayiDear Colleagues,
Let me add a few words to the issues raised on Compensation & Benefits.
One basic thing is the status of employee/s concerned, department which such belongs to and probably the level of hazard related tasks such might be involved in and more importantly business environment and industry.
However some allowances not mentioned would include but not limited to the underlisted:
*Fuel Allowance (Petrol/Diesel)
*Mobile/Cell Phone Allowance
*Power Generator Alowance
*Internet Access Allowance
*Academic/ Professional Membership Allowance
*Accident Free Allowance (for Drivers)
*Night Shift Allowance
*Gas Allowance (domestic)
*Dressing Allowance-Marketing Team/TV Broadcasters
Sincerely the list can go on and on, but as I have earlier said staffers' status in the Company would certainly determine what he/she gets as compensation and the industry they belong to would be the launching pad for such.
From Nigeria, Lagos
I have gone just joined the forum, and was going thro' the discussions on the salary structures in India. It is indeed very enlighting, but I had a query ... all these allowances , what kind of limits are applicable in order to make them tax free. eg medical is 15000/- p.a. what about the rest??
From India, Delhi
Ashit Mhaskarhi pooja Conveyance allowance is tax free till Rs 800 /- Pm ( Rs 9600/- P .A ) Above which it becomes taxable. REgards Ashit
From India, Mumbai
its very informative, but i would like to know wht is max limit for gettign tax exemptions.
in the recent budget, there is some thing abt imposing tax on fringe benifits, tht tax mostly would be borne by the employer. wht is the % which would be imposed. i qwould be pleased if any one of you share the information.
thanks and regards
From India, Madras
As i know that conveyance allowance 800/- and medical allowance 1250/- per month minimum can be paid.
But still i need to ask what are the set rules for salary breakup.
As in my company employee is getting 50000/- salary per month or if somebody is getting 20000/-, 15000/-, 10000/-, 8500/-, 7000/-, . And we break the salary in following components :
Basic ( how we break basic pay?)
Special Allowances ( is it taxable ?)
Off-hand, what the FBT says is to tax all of the financial transactions which happens due to an employee (be it business related hence taxed by the employer or salary component -the tax component being passed on to the employee).
Currently, with the kind of uproar this new tax component is creating, i doubt that the tax is going to become legal (though some form of it might stay).
Probably the best bet to look at the financial impact of your salary (including allof the perks, perquisites etc) would be done through a visit to a Chartered Accountant.
PS - i am currently looking at re-structuring my own salary and you bet, next week on monday i am meeting my company's CA for his approval/suggestions.
From India, Mumbai