Dear Peeru,
' CTC ' is an accounting tool used by an employer to arrive at the total expenditure to be incurred by him per employee per annum. It has no relevance or recognition in labor laws.
If you want your doubts about the various components of wages/salary cleared with reference to the direct and indirect financial implications on employment, it is better for you to go through Sec. 2(y) of the Code on Wages, 2019 wherein the term has been defined.
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