Please suggest a suitable salary breakup for approximately 9.0 Lac per annum to save on significant tax payments.
Salary Breakup
- Basic: 30,000
- HRA: 15,000
- Conveyance: 800
- Special Allowance: 1,200
Total: 47,000 per month, 5,64,000 per annum.
What additional breakup is required to avoid taxes? Please help.
From India, Mumbai
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Salary Breakup
- Basic: 30,000
- HRA: 15,000
- Conveyance: 800
- Special Allowance: 1,200
Total: 47,000 per month, 5,64,000 per annum.
What additional breakup is required to avoid taxes? Please help.
From India, Mumbai
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You can receive Rs. 1250/- towards medical reimbursement, food coupons worth Rs. 1300/-, LTA of Rs. 24000/- per annum, and children's education at Rs. 100/- per child per month for up to 2 kids, etc. Additionally, you are eligible for a books & journals allowance of Rs. 1000/- per month, attire allowance, etc.
Regards,
Kamesh
From India, Hyderabad
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191Regards,
Kamesh
From India, Hyderabad
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In addition to Kamesh's suggestion, I would like to suggest the following:
HRA Considerations
HRA - You have considered 50% of the basic salary, but this is applicable only to metro areas. For non-metro areas, the HRA should be only 40%. According to the latest CBDT circular, if the house rent exceeds Rs. 180,000 per annum, the employee needs to quote the PAN of the landlord or provide a declaration stating that the landlord does not have a PAN.
Food Coupons
Food coupons can go up to Rs. 2,700 per month.
Regards,
Pon
From India, Lucknow
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HRA Considerations
HRA - You have considered 50% of the basic salary, but this is applicable only to metro areas. For non-metro areas, the HRA should be only 40%. According to the latest CBDT circular, if the house rent exceeds Rs. 180,000 per annum, the employee needs to quote the PAN of the landlord or provide a declaration stating that the landlord does not have a PAN.
Food Coupons
Food coupons can go up to Rs. 2,700 per month.
Regards,
Pon
From India, Lucknow
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Salary breakup format.xls
Employee Benefits.doc