Sr. Manager Hr/admin
You mentioned as 20k per month. Is it Net pay, gross pay or CTC? Based on that we shall prepare. More over there is no any standard formula for structure.
Generally you shall take Basic as 50% from Gross pay
40 - 50% of Basic as HRA
Rs 800/- as conveyance / travel allowance
Rs 1250/- as Medical allowance
remaining as special allowance
24th August 2012 From India, Bangalore
Just to add info - If it is a metro then the HRA upto 60% of Basic pay is tax free and Medical reimbursement uo to Rs. 15,000 per annum is non - taxable incase of bills provided.
While LTA will be 1250 (above 1250 is taxable) and the special allowane will be difference amount of gross pay.
24th August 2012 From India, Visakhapatnam
Please refer the link below of my post, it will help you:
24th August 2012 From India, Mumbai
I appreciate you additions, but to the best of my knowledge HRA is maximum of 50% of Basic salary in metros.Can anyone validate this?
HRA exempted from tax is least of the following:
1. The actual amount of HRA received.
2. 40% of basic salary. This increases to 50% if you are renting out the house in metro-Delhi, Mumbai, Chennai or Kolkata
3. Rent paid minus 10% of salary (basic component + dearness allowance)
29th August 2012 From India, Delhi
30% of basic as HRA and
70% of gross as Basic to make things easy
where as Medical is concern it can be a fixed amount i.e 800 and traveling can also be fixed as 1800 rest can be balances by other allowances .
For all purposes the deduction from salary on account of PF has to be on Basic and ESIC on Gross. hope this solved your query.
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29th November 2016 From India, New Delhi