Is My Salary Breakdown Correct and What's the Difference Between Conveyance and Transport Allowance?

I have joined a company where they have offered me a CTC of 3,77,400/- with the following bifurcations:

1. Basic Salary: 15,550/-
2. HRA: 7,775/-
3. Medical Allowance: 1,250/-
4. Conveyance: 1,600/-
5. Transport Allowance: 1,200/-
6. Food Allowance: 1,150/-
7. Other Allowance: 2,925/-

Take-home salary is 31,250 with the only deduction of PT 200.

Please let me know if this is correct. They don't offer the option for PF as they mentioned that a Basic salary above 15,000/- has the option to opt-out of PF, and they do not have any gratuity deduction.

I would also like to ask, is conveyance allowance different from transport allowance?

Please help me out.

Regards,

I have joined a company where they have offered me a CTC of 3,77,400/- with the following bifurcations:

1. Basic Salary: 15,550/-
2. HRA: 7,775/-
3. Medical Allowance: 1,250/-
4. Conveyance: 1,600/-
5. Transport Allowance: 1,200/-
6. Food Allowance: 1,150/-
7. Other Allowance: 2,925/-

Take-home salary is 31,250 with the only deduction of PT 200.

Please do tell me if this is correct. They don't have the option for PF as they informed me that a Basic Salary above 15,000/- has the option to opt-out of PF. Also, there is no gratuity deduction.

I would also like to ask if the conveyance allowance and transport allowance are different.

Please help me out.

Regards, Today From India, Mumbai

Regarding PF

The opting-out facility is only available if the employee is not a member of PF in his/her previous organization. If you already have PF and have not withdrawn it, you can't opt out of PF even if you earn a salary of more than Rs. 15,000. For opting out, the employer should get written confirmation from you stating that you are not a previous member of PF and are willing to opt out. If this doesn't happen and the employer is doing this practice only to evade PF contribution, then it is an offense and will be penalized during PF inspection.

Conveyance and Transport Allowance

As per the Income Tax Act, both Conveyance and Transport Allowance have the same meaning. According to the IT Act, the maximum amount of Conveyance/Transport Allowance exempted is Rs. 1,600 per month.