Hi, my company is newly established and has just crossed the mandatory number of employees for PF deduction. Until today, our employees were receiving their full salary, i.e., after the deduction of PT and tax, there were no statutory deductions. However, from now on, we have to deduct PF. Since we follow the concept of CTC, we have to deduct both portions from the employee only. Can you suggest to me how the salary structure will be then? (Please provide an example for a monthly salary of 50,000).
Our Current Salary Structure
Basic: 25,000
HRA: 12,500
Conveyance: 800
Special Allowance: 10,450
Medical: 1,250
Total: 50,000
Deductions
PT: 200
Tax: 5,000
Take-home: 44,800
Thank you.
Our Current Salary Structure
Basic: 25,000
HRA: 12,500
Conveyance: 800
Special Allowance: 10,450
Medical: 1,250
Total: 50,000
Deductions
PT: 200
Tax: 5,000
Take-home: 44,800
Thank you.