We are a manufacturing company in Bangalore. Kindly advise us on the bifurcation method of CTC for our employees (Basic+HRA+Conveyance+medical+special allowance), etc. Also, please highlight the Income Tax-saving salary structure for our employees who are subject to income tax.
From India, Bengaluru
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1From India, Bengaluru
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Hello,
The salary structure seems okay. Since those paying rent can avail HRA deduction as per income tax rules. Deduction for Conveyance is available up to Rs. 800/- per annum. Medical allowance deduction up to Rs. 15,000/- is available subject to the provision of medical bills by employees.
Thanks,
Bhagyashree
From India, Pune
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The salary structure seems okay. Since those paying rent can avail HRA deduction as per income tax rules. Deduction for Conveyance is available up to Rs. 800/- per annum. Medical allowance deduction up to Rs. 15,000/- is available subject to the provision of medical bills by employees.
Thanks,
Bhagyashree
From India, Pune
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SALARY CALCULATOR & INCOME TAX.zip
Salary less tax - CTC.xls