Dear Members,
I am working with one of the Construction Company in Mumbai. The Company has just got the project for developing a residential cum commercial premises.
The company has interviewed 2-3 senior civil engineers for the purpose of projects. The Salary would be around 9.5 to 11 Lacs p.a.
I have to give the break up of salary i.e. Basic, DA, HRA and other allowance like Medical & Conveyance.
Being in the Accounts I know that the Conveyance of Rs. 800/- and Medical Reimbursement to the extent of Rs. 15,000/- p.a. and HRA as per rule is exempted from Tax.
I want to know the following things:
a) How the Basic is to be calculated on the Salary ?
b) Is there any specific law for calculation of Basic ?
c) Whether DA, HRA and other Payments are to be calculated on Basic only.
d) In what other names we can give payments under Salary ?
Waiting for your suggestions and guidance.
Thanks
Vidya
I am working with one of the Construction Company in Mumbai. The Company has just got the project for developing a residential cum commercial premises.
The company has interviewed 2-3 senior civil engineers for the purpose of projects. The Salary would be around 9.5 to 11 Lacs p.a.
I have to give the break up of salary i.e. Basic, DA, HRA and other allowance like Medical & Conveyance.
Being in the Accounts I know that the Conveyance of Rs. 800/- and Medical Reimbursement to the extent of Rs. 15,000/- p.a. and HRA as per rule is exempted from Tax.
I want to know the following things:
a) How the Basic is to be calculated on the Salary ?
b) Is there any specific law for calculation of Basic ?
c) Whether DA, HRA and other Payments are to be calculated on Basic only.
d) In what other names we can give payments under Salary ?
Waiting for your suggestions and guidance.
Thanks
Vidya