Hello Everyone,
Our new company in HYD will be somewhat similar to a BPO but with a technical focus. We will basically have chemists. Please review the salary split options below and advise if there are any errors
Option1
Basic - 50%
HRA - 20%
Conveyance - 20% (any rules regarding this?)
Others - 10% (Do we have to specify what this "others" will be?)
Option2
Basic - 40%
HRA - 20%
Conveyance - 25% (any rules regarding this?)
Others - 15% (Do we have to specify what this "others" will be?)
Thank you very much. I have been following CiteHR for a few months now and the amount of information here is amazing. Thanks to everyone for sharing and contributing!!!!
Pradeep
From United States, Kelso
Our new company in HYD will be somewhat similar to a BPO but with a technical focus. We will basically have chemists. Please review the salary split options below and advise if there are any errors
Option1
Basic - 50%
HRA - 20%
Conveyance - 20% (any rules regarding this?)
Others - 10% (Do we have to specify what this "others" will be?)
Option2
Basic - 40%
HRA - 20%
Conveyance - 25% (any rules regarding this?)
Others - 15% (Do we have to specify what this "others" will be?)
Thank you very much. I have been following CiteHR for a few months now and the amount of information here is amazing. Thanks to everyone for sharing and contributing!!!!
Pradeep
From United States, Kelso
In my opinion
Basic - 35 % (max)
HRA - Upto 50 %
Conveyance - max 800 per month
Medical reimbursement - max 1250 per month
Other ( specifically - special allowance) - remaining of the salary
If your organisation willing to give food coupons or as gift coupons, to avail teh fringe benefit tax
max 36000/- per annum (3000 per month)
From India, Madras
15Basic - 35 % (max)
HRA - Upto 50 %
Conveyance - max 800 per month
Medical reimbursement - max 1250 per month
Other ( specifically - special allowance) - remaining of the salary
If your organisation willing to give food coupons or as gift coupons, to avail teh fringe benefit tax
max 36000/- per annum (3000 per month)
From India, Madras
Hello Manthra, Thanks for the reply. I have a few follow up questions
Is the INR 800 standard? i thought it will be different if the employee has a 2 wheeler or a 4 wheeler. Also, the company will bear all the health insurance costs so will that change anything?
From United States, Kelso
Is the INR 800 standard? i thought it will be different if the employee has a 2 wheeler or a 4 wheeler. Also, the company will bear all the health insurance costs so will that change anything?
From United States, Kelso
Also, i was told that "Fringe Benefit Tax" has been abolished in 2009. So did something else replace this?
From United States, Kelso
From United States, Kelso
The conveyance of INR 800 is the maximum allowable which will be exempted in IT
other alowance such as
Petrol bill
Driver salary
Vehicle maintenance
LTA
these things will go for Reimbursement and also can be a part of CTC but will be given on submission of original bills
so that this things can be exempted as non taxable income
Also note that the sodexo or food coupon on fringe benefit is been availed till date of max 3000/month
From India, Madras
other alowance such as
Petrol bill
Driver salary
Vehicle maintenance
LTA
these things will go for Reimbursement and also can be a part of CTC but will be given on submission of original bills
so that this things can be exempted as non taxable income
Also note that the sodexo or food coupon on fringe benefit is been availed till date of max 3000/month
From India, Madras
If the employee claims for fuel & maintenance charges for availing tax exemption, then he can't claim Rs.800/- p.m. towards conveyance allowance.
Food coupons are restricted upto 2700/- p.m as tax exempted in this FY 2011-12.
Gift vouchers upto Rs.5000/- p.a. is tax exempted.
pon
From India, Lucknow
Food coupons are restricted upto 2700/- p.m as tax exempted in this FY 2011-12.
Gift vouchers upto Rs.5000/- p.a. is tax exempted.
pon
From India, Lucknow
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Salary-Note.doc
SALARY SHEET CALCULATION.xls