Hr Consulting ,trainer -creative Thinking
Senior Recruitment Specialist
You have a done good job in making the formats which are correct. Basic salary which is 59% of the ctc is on the higher side as industry standards veers towards 45-50% and also you can include the tax free components like meal vouchers of Accor or Sodexho which is exempted upto Rs 50 per day.
Would recommend that you read the Tax manual on components on Salaries Heads to provide better insight.
In Full n final settlement, you have to include the PF deduction on leave encashment ( PL/EL) which is statutory requirement.
Chak De India!!
26th September 2007 From India, Pune
My field of expertise is Strategic HR and Employee Relation.
Compensation and Benefit is the last thing I would ever deal in with, as I am very bad with numbers.
The above postings are some material I collected over a period of time from various sources.I would request if you could then download the same and rectify it, as it would help lots of people, because I am not the right person do do the same, but form your advise I believe that you have good and very in depth knowledge regarding the same.
27th September 2007 From India, Mumbai
Great to know that and it is enlightening to read your postings as well.!
If you ask me frankly , you have done a fairly good job notwithstanding your equations with numbers! :D Guess if one trys sincerly everything is within reach and become savvy as well.
Well, i have attempted to redefine the compensation structure in sheet comp-structure for the salary structure of Rs 2.75 Lacs p.a. which is fairly okay and balances with the FBT and Indian Tax laws after all there are two things certain -----> Death and TAXES!! :)
Fuel and entertainment expenses should be kept out of purview of the structure as they attract FBT - the logic is simple either the employee pays tax by way of perks or FBT by the company but not both!.
5th October 2007 From India, Pune
Iam really thankful to you for mailing the material with salary break up. Even Iam not not an expert in compensation management. I was really in need of information for structuring the breakup for 2lacs, 1.25 lacs, 85k & 70 K. I had even posted my query but it was futile as i din get any useful & reasonable responses.
Thanks a lot once again..
17th October 2007 From India
I am from recruitment and training background. Recently my company give me a responsibility liks payroll generation. I am aware of calculating PF, ESI, Bonus, PT
But I donít have any idea about income tax calculation. How to calculate income tax in coming range salary is their any formula
Pls. suggest me
13th September 2008 From India, Delhi
This is Amarjeet Singh,Thanks for regtd
me.Sir i need a complete salry slip marketing & sales dept.Pls send me
it full detail of % BASIC,HRA,CONVANCE-----etc.
Thanks & Regds.
11th November 2008 From India, Delhi
You seem to have immense knowledge on Salary Computation. Kindly enlighten me on the same as i also handle bit of Salary processing apart from other HR activites. I have newly joined in the organisation. I am very bad widnumbers but as i am handling developed interest on the same.
You can mail me any information about Salary Components & Benefits so that i can increase knowledge. My mail id :
12th November 2008 From India, Mumbai
And 1 query regarding my problem, I Hope all HR person will help to me.
My last company not clering my Full and Final. Which type of Legal action I can take or How can I clear my Full and Final.
I left this Orgnazation before 5 Month.
Please Give me Suggestion.
21st July 2012 From India, Chiplun