How Can I Design Tax-Saving Salary Structures for Employees Earning Over 10 Lacs?

Dear All, Kindly help in sharing the best salary structures for employees with a CTC above 10 Lacs that can help save their taxes and are better for them. I need to redesign a structure for my employees and CEO. Please share the best structures for slabs >10 Lac, <10 Lac, >20 Lac, and >45 Lac.

Regards,
Poonam
Human Resource
RAVI Integrated Logistics India Pvt. Ltd.
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Dear Poonam,

For framing any remuneration structure, there are a lot of ifs and buts to answer. Are you interested in framing the remuneration structure based on the present condition or based on new labor codes?

It is also essential to know the organization's policy on PF contribution - up to the statutory cap or at the upper limit irrespective of Basic & DA. Are there any excluded employees under PF? What are the different components in the monthly remuneration package as well as the yearly remuneration package as per the organization's policy? What are the different insurances - mediclaim, GPA, etc.? Is there any company car policy, any variable pay as profit-sharing incentive/bonus, and so on?

Until the above points are clear, it is not possible to suggest something scientifically about the remuneration structure.

You may contact me if you need any further clarification.

Thanks & regards,

S K Bandyopadhyay (WB, Howrah) CEO-USD HR Solutions