Dear All,
I request you to kindly suggest/advice me on the following:
1. Can Other Allowances be higher than the Basic Pay? If yes, then is there a cap to it, or a certain calculation to derive the Other Allowances amount?
2. Is there a standard calculation for HRA, Medical Allowances, and Transportation Allowances based on the Basic Pay?
Your suggestions would be highly appreciated.
Regards
From India, Pune
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1I request you to kindly suggest/advice me on the following:
1. Can Other Allowances be higher than the Basic Pay? If yes, then is there a cap to it, or a certain calculation to derive the Other Allowances amount?
2. Is there a standard calculation for HRA, Medical Allowances, and Transportation Allowances based on the Basic Pay?
Your suggestions would be highly appreciated.
Regards
From India, Pune
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Yes, other allowances can be higher than basic.
HRA - 50% of basic for metros & 40% for non-metros. Medical assistance - Rs. 1250/- per month tax-free. Transport allowance - Rs. 800/- per month is tax-free. Alternatively, you can claim for fuel and maintenance charges for tax exemption if you own 2/4 wheelers in lieu of transport allowance.
From India, Lucknow
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HRA - 50% of basic for metros & 40% for non-metros. Medical assistance - Rs. 1250/- per month tax-free. Transport allowance - Rs. 800/- per month is tax-free. Alternatively, you can claim for fuel and maintenance charges for tax exemption if you own 2/4 wheelers in lieu of transport allowance.
From India, Lucknow
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PROVIDENT FUND CALCULATION.xls
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