Dear All, Kindly make me understand the various components of CTC salary for the employee along with statutory deductions from the total CTC package.
From India, Mumbai
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From India, Mumbai
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Understanding CTC and Its Components
CTC, or Cost to Company, has no legal bindings. It is a management tool to control and ensure a proper understanding of employee costs. Generally, it consists of monthly gross pay, yearly components such as LTA, furnishings, statutory or other bonuses, profit-sharing yearly incentives, and more. Statutory costs include the employer's portion of PF, ESIC, Gratuity, etc., as well as perks like free transport to and from the office, subsidized canteen, office quarters, free electricity, medical facilities, water, and more. The components of CTC can vary randomly from one organization to another.
Statutory Deductions from Yearly CTC
Now, let's consider statutory deductions from the yearly CTC - PF, ESIC if applicable, PTAX, ITAX if applicable, etc.
S K Bandyopadhyay (WB, Howrah)
CEO - USD HR Solutions
From India, New Delhi
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367CTC, or Cost to Company, has no legal bindings. It is a management tool to control and ensure a proper understanding of employee costs. Generally, it consists of monthly gross pay, yearly components such as LTA, furnishings, statutory or other bonuses, profit-sharing yearly incentives, and more. Statutory costs include the employer's portion of PF, ESIC, Gratuity, etc., as well as perks like free transport to and from the office, subsidized canteen, office quarters, free electricity, medical facilities, water, and more. The components of CTC can vary randomly from one organization to another.
Statutory Deductions from Yearly CTC
Now, let's consider statutory deductions from the yearly CTC - PF, ESIC if applicable, PTAX, ITAX if applicable, etc.
S K Bandyopadhyay (WB, Howrah)
CEO - USD HR Solutions
From India, New Delhi
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CTC SALARY SLIP FORM.xls
Rules for Statutory Deductions Exemptions Perquisites-Pay roll.doc