Hi,
The main components in a compensatin package are Basic, all Alowances and all deductions
actually
Gross=Basic+all allowances (viz, HRA, TA, SPECIAL ALLOWANCES, CITY COMPENSATORY ALLOWANCES etc.,)
Net=Gross-all deductions (viz, Employee PF-12%, employee ESI-1.75%, P.TAX etc)
and other components are also included like BONUS, OT, COMPENSATORY OFF, GRATUITY, MEDICAL REIMBURSEMENTS/MEDICLAIMS, LTA, INCENTIVES etc.,
Now, CTC=BASIC+ALL ALLOWANCES+EMPLOYER CONTRIBUTIONS (Viz PF - 12%,ESI-4.75% etc.,)
Actually there is no particular definition for CTC, it depends on the company's pay structure.
Few companies will include incentives in CTC few companies will not.