Hello Seniors, I am a fresher! Please help me understand the below-mentioned salary breakup and CTC of my job.
- Basic Salary: 8600.00
- House Rent Allowance: 3950.00
- Conveyance Allowance: 1980.00
- Uniform Allowances: 0.00
- CCA: 1970.00
- Entertainment Allowance: 0.00
- Leave Travel Allowance: 0.00
- Medical Allowance: 0.00
- Total Salary per month: 16500.00
After PF deductions, the In-Hand Salary (as per the payslip) is 15,500.
Annual Cost to the Company (CTC)
The annual cost to the company (CTC) is Rs. 237,650. The total salary does not match up with CTC. Why?
If I subtract the total salary of 16,500 x 12 months = 198,000 from the CTC of 237,650, then the balance comes out to be 39,650. So, where is the amount of 39,650 going? Am I getting it?
Thank you
From India, New Delhi
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- Basic Salary: 8600.00
- House Rent Allowance: 3950.00
- Conveyance Allowance: 1980.00
- Uniform Allowances: 0.00
- CCA: 1970.00
- Entertainment Allowance: 0.00
- Leave Travel Allowance: 0.00
- Medical Allowance: 0.00
- Total Salary per month: 16500.00
After PF deductions, the In-Hand Salary (as per the payslip) is 15,500.
Annual Cost to the Company (CTC)
The annual cost to the company (CTC) is Rs. 237,650. The total salary does not match up with CTC. Why?
If I subtract the total salary of 16,500 x 12 months = 198,000 from the CTC of 237,650, then the balance comes out to be 39,650. So, where is the amount of 39,650 going? Am I getting it?
Thank you
From India, New Delhi
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Your salary breakdown should contain all the components, and the total should be equal to the CTC mentioned. If your organization is providing you with PF or other bonuses, it should be clearly stated in the payslip, and you should have been given a PF number. You have the right to inquire about any remaining amounts. Sometimes, the company may have a component that is paid out at the end of the year. Please check your payslip for details.
Additionally, you have mentioned Medical Allowance. As per the rules, an employee is entitled to receive ₹15,000 per year, and the employee must submit medical bills totaling ₹15,000 by the end of the financial year to avail of a tax relaxation of ₹1,500. The policy dictates that this ₹15,000 can either be distributed monthly (₹15,000/12 = ₹1,250) or in March's salary as a lump sum.
I strongly advise you to promptly seek clarification from the HR department regarding these matters. If you have any queries, feel free to contact me at [Email Removed For Privacy Reasons].
Thanks
From India, Pune
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3Additionally, you have mentioned Medical Allowance. As per the rules, an employee is entitled to receive ₹15,000 per year, and the employee must submit medical bills totaling ₹15,000 by the end of the financial year to avail of a tax relaxation of ₹1,500. The policy dictates that this ₹15,000 can either be distributed monthly (₹15,000/12 = ₹1,250) or in March's salary as a lump sum.
I strongly advise you to promptly seek clarification from the HR department regarding these matters. If you have any queries, feel free to contact me at [Email Removed For Privacy Reasons].
Thanks
From India, Pune
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Understanding CTC and Salary Breakup
If the company is showing CTC, then you should ask for the breakup. They will provide it to you because the CTC calculation can vary from company to company. Hence, it is important that your company should give you the breakup.
From India, Delhi
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If the company is showing CTC, then you should ask for the breakup. They will provide it to you because the CTC calculation can vary from company to company. Hence, it is important that your company should give you the breakup.
From India, Delhi
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As per the details provided by you, your PF deduction should be approximately Rs. 1032 (12% of basic), resulting in a net in-hand amount of Rs. 15,468 per month. However, it seems your net in-hand pay is Rs. 15,500. Could you please clarify the percentage of basic deducted from your salary or the exact amount deducted for PF as shown on your payslip?
Regards,
HR Team Member
From India, New Delhi
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Regards,
HR Team Member
From India, New Delhi
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Salary Sheet & PF PT Calculation & Challan.xls