In the above pay structure as mentioned by Mr. Moondra, I have the following observations:-
1.In case of HRA there are 3 tests - HRA paid minus 10% of Basic, 40% or 50% of basic for non metro & metro respectively and HRA is received by the employee - of the three whichever is less is allowed as ITAX rebate.
2.So far my knowledge goes if ITAX rebate is taken under Conveyance and Dom.Medical, then Standard deduction will not be allowed. Request to check it.
3. Employer's contribution to PF is 13 % of monthly gross minus HRA subject to maximum on 15,000/- per month if employer thinks so. This is as per Apex court verdict.
4.In case of Gratuity how you have arrived 1 / 24 of annual basic salary is a surprise to me. It is for a year 15 /26 * Last drawn Basic and to determine per month it can be divided by 12 again. So far I can understand you have done it by 15 /30 = 1 /2 and then as you have considered annual basic , it is 1 / 24. This is not right.
S K Bandyopadhyay ( WB, Howrah)
CEO-USD HR Solutions
+91 98310 81531
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