Sr.manager Hr & Legal
Radhakrishna K P
Manager - Human Resources
Sr. Executive Hr
Calculation is pertained to Metro city, please give us the details on Metro/Non-Metro and designation of which salary negotiated. Check for the Income Tax liability to this salaried employee.
(A) the basic is 40% (Metro cities) - 21600
Special Allownce - 17169
Total (A) - 38769
(B) Satutory components
PF (Employer's cont) - 2592
Gratuity - 1039
ESIC (Employer's Cont.) - 0
Statutory Bonus - 0
Total (B) = 3631
(C) Allowance & Reimbursement (Non Taxable)
House Rent Allowance - 10800
Conveyance Allowance - 800
TOTAL (C) - 11600
CTC is A+B+C = 54000
Gross: 50369 (Gross salary includes the components without deductions like PF, professiobnal tax, income tax etc.,)
18th January 2013 From India, Visakhapatnam
18th January 2013 From India, Mumbai
Actually Basic + DA is 40% of the Gross. Again, HRA is 40% of the Basic + DA. Transport Allowance is Rs. 800. Medical Allowance is Rs. 1250. Balance amount you can consider as Special Allowance or Other Allowances.
Best you can refer the excel sheet attached by Bhakti.
25th January 2013 From India, Mumbai
Rs. 1039/- Gratuity need not to calculate from the very first year . It is only a contingent liability till the end of the 5th year of service. At the end of the 5th year, it comes to balance sheet of the employer as a liability. I think, Gratuity component need not to consider for Tax purposes at the first month and in structuring the CTC.
Please correct me.
2nd August 2013 From India, Guwahati