Cite.Co is a repository of information and resources created by industry seniors and experts sharing their real world insights. Join Network
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.
From India, Vijayawada
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)}
14- LTA
15-CTC [gross+(PF+ESI+Bonous+LTA}
you can also have some other component in gross like petroll reimbursement,meal coupan etc.

From India, Delhi
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.

From India, Hyderabad
This discussion thread is closed. If you want to continue this discussion or have a follow up question, please post it on the network.
Add the url of this thread if you want to cite this discussion.

About Us Advertise Contact Us
Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2020 Cite.Co™