hi this is sushank from pune wanna know the salary break up of Rs 20000/- pls help urgently.......
From India, Pune
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3From India, Pune
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Hi Shushank, Salary Break up as under - Basic - 9000 HRA - 2250 Conveyance - 800 Special allowance - 6345 Gross - 18395 PF- 780 Gratuity - 433 Personal Accident Insurence - 100 CTC - 20000
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Hi friend,
PF is 12% and HRA is now 50% in India. Professional tax is also deductible from the salary, which is Rs. 300 for all. Where is IT deduction, my friend?
Dear Shashank, you are still confused. Here is the solution as per Indian salary standards, especially if you are working in a city like metros:
Basic: 7000
HRA: 3500 (50% of basic, as per the rule; it may be 40% if in a B class city)
CCA: 1829 (City Compensatory Allowances are 26% of basic; it may reduce to 20% if you are not in a metro)
Conv: 2000 (it depends)
Medical: 583 (generally one Basic, so 7000/12)
LTA: 583 (generally one Basic, so 7000/12)
Other Allowances: 3665 (it varies)
PF contribution: 840 (12% of basic as per PF act)
CTC: 20000
But you will be getting:
Less PF: 840
Less PT: 300 (Professional Tax)
Less IT: 800 (Income tax, almost 800)
Cash in hand: 18060
Regards,
Abrar
From Saudi Arabia, Khobar
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PF is 12% and HRA is now 50% in India. Professional tax is also deductible from the salary, which is Rs. 300 for all. Where is IT deduction, my friend?
Dear Shashank, you are still confused. Here is the solution as per Indian salary standards, especially if you are working in a city like metros:
Basic: 7000
HRA: 3500 (50% of basic, as per the rule; it may be 40% if in a B class city)
CCA: 1829 (City Compensatory Allowances are 26% of basic; it may reduce to 20% if you are not in a metro)
Conv: 2000 (it depends)
Medical: 583 (generally one Basic, so 7000/12)
LTA: 583 (generally one Basic, so 7000/12)
Other Allowances: 3665 (it varies)
PF contribution: 840 (12% of basic as per PF act)
CTC: 20000
But you will be getting:
Less PF: 840
Less PT: 300 (Professional Tax)
Less IT: 800 (Income tax, almost 800)
Cash in hand: 18060
Regards,
Abrar
From Saudi Arabia, Khobar
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Hi Sushank,
I suggest the following for achieving the best tax savings:
Basic: 10,000
HRA: 4,000
Transport allowance: 800
PF - Employer: 1,200
LTA: 833 (Annual)
Education allowance: 200
Special allowance: 2,967
HRA is tax-deductible based on the actual rent paid; Transport allowance is tax-free; PF - of employer and employee is tax-free; Education allowance is exempt at Rs. 100 per month per child. Unfortunately, there are no other tax-free allowances. However, you could claim a deduction by saving up to Rs. One lakh of income.
From India, Hyderabad
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I suggest the following for achieving the best tax savings:
Basic: 10,000
HRA: 4,000
Transport allowance: 800
PF - Employer: 1,200
LTA: 833 (Annual)
Education allowance: 200
Special allowance: 2,967
HRA is tax-deductible based on the actual rent paid; Transport allowance is tax-free; PF - of employer and employee is tax-free; Education allowance is exempt at Rs. 100 per month per child. Unfortunately, there are no other tax-free allowances. However, you could claim a deduction by saving up to Rs. One lakh of income.
From India, Hyderabad
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Hi, I hope we can add and make changes to the package:
Basic: 8000
HRA: 4000
Conveyance: 800 (Tax exempted 800 per month)
CCA: 2000
Special Allowance: 2000
Medical Reimbursement: 1250 (Tax exempted but need to produce bills)
Gross: 18050
Employer's PF: 960
LTA: 1200
CTC: 20210
You can make changes in the special allowance and CCA as per your needs. This structure will help employees to take exemptions in income tax as well. For any other assistance, please feel free to ask.
From India, Bhopal
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Basic: 8000
HRA: 4000
Conveyance: 800 (Tax exempted 800 per month)
CCA: 2000
Special Allowance: 2000
Medical Reimbursement: 1250 (Tax exempted but need to produce bills)
Gross: 18050
Employer's PF: 960
LTA: 1200
CTC: 20210
You can make changes in the special allowance and CCA as per your needs. This structure will help employees to take exemptions in income tax as well. For any other assistance, please feel free to ask.
From India, Bhopal
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Salary less tax - CTC.xls