How to Create a Comprehensive Compensation Breakup for 2022-2023 in Kolkata?

I need to create a compensation breakup structure for the financial year 2022-2023. Can anyone help me out with the compensation structure template in which I can figure out the breakup components as part of CTC?

- Basic - 50% of CTC
- HRA
- Employer PF - 12% on 15000
- Professional Tax
- LTA

Including the Flexi Basket

If we include the Flexi Basket like Driver Salary, Fuel, Car Maintenance, Mobile, Uniform Allowance, and other allowances with applicable limits (i.e., from which CTC we can use these components and what will be the maximum limit we can place).

**Location**: Kolkata, India

To create a comprehensive compensation breakup structure for the financial year 2022-2023, you can follow these steps:

Compensation Breakup Structure for FY 2022-2023

1. Basic Salary: Set at 50% of the Cost to Company (CTC).
2. House Rent Allowance (HRA): Determine the HRA component based on the actual rent paid or as per company policy.
3. Employer Provident Fund (EPF): Calculate EPF at 12% on a maximum of INR 15,000 per month.
4. Professional Tax: Deduct as per the applicable rates in Kolkata, India.
5. Leave Travel Allowance (LTA): Define the LTA component as per company policy and tax regulations.
6. Flexi Basket Components:
- Driver Salary: Specify the driver's salary within the Flexi Basket.
- Fuel, Car Maintenance: Include these expenses within the Flexi Basket with defined limits.
- Mobile Allowance: Determine the mobile allowance limit within the Flexi Basket.
- Uniform Allowance: Allocate a specific amount for uniform allowance within the Flexi Basket.
- Other Allowances: Define any additional allowances with their respective limits.

Ensure that the total of all components does not exceed the total CTC. It's essential to adhere to the legal requirements and tax regulations while structuring the compensation breakup. Consider consulting with a tax expert or HR specialist to ensure compliance with labor laws and regulations in Kolkata, India.

This structured approach will help in creating a transparent and comprehensive compensation breakup structure for the financial year 2022-2023 in alignment with the company's policies and statutory requirements.