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hi evryone i am sujan,i am working in an mnc ,can anyone please help me out in preparing payroll for ten employees,till now there were no pay slips given to employees.i would like to know what are the main components to be kept in mind while designing payroll.
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Dear Sujan,
While designing payroll you should keep these component in your mind.
1-Basic (40% to 60% of gross)
2-HRA (40 TO 60% OF BASIC)
3-Conveyance allowance (upto 800 is tax exempted)
4-medical reimbursement (upto1250 is tax exempted)
5-Education allowance
6-special allowance{Gross-(1+2+3+4+5)}
7-Gross (1+2+3+4+5+6)
8-PF (if applicable)
9-ESI(if applicable)
10-PT(if applicable)
11-Other deduction
12-net take home {gross-(8+9+10+11)}
13-Bonous/Exgratia
14- LTA
15-CTC [gross+(PF+ESI+Bonous+LTA}
you can also have some other component in gross like petroll reimbursement,meal coupan etc.
Regards,
Bandini.
Dear bandini,
This is malini Iam here having a doubt that on what basis 800 tax is exempted (like @ what % under which section con.allow & more over for Med allow 1667/-(20000*8.33%) (limit is 20000),but any where Iam not clear both of this.Plz give me on what basis you have exempted.
malini.

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