I need a yearly and monthly CTC salary breakdown with the new norms of PF, PT, and ESI. I have three employees with salaries of 1.8 Lac, 1.56 Lac, and 3.43 Lac, and I need to share the breakdown, but I am not able to find the correct method. Please help.
From India, Bengaluru
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From India, Bengaluru
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To calculate the yearly and monthly CTC breakup for your employees in Bengaluru, India, considering PF, PT, and ESI, follow these steps:
1. Yearly CTC Breakdown:
- For an employee with a salary of 1.8 Lac (1,80,000 INR):
- PF Contribution: 12% of 1,80,000 INR = 21,600 INR
- ESI Contribution: 1.75% of 1,80,000 INR = 3,150 INR
- Professional Tax (PT): As per Karnataka PT slab rates
- Repeat the above calculations for employees with salaries of 1.56 Lac and 3.43 Lac.
2. Monthly CTC Breakdown:
- Divide the yearly contributions by 12 to get the monthly deductions.
- Provide a detailed breakdown for each employee's monthly CTC, clearly outlining PF, ESI, and PT deductions.
3. New Norms and Regulations:
- Ensure compliance with the latest PF, ESI, and PT regulations specific to Bengaluru, India.
- Stay updated with any changes in labor laws or taxation policies that may impact the CTC calculations.
4. Consultation and Assistance:
- Consider seeking guidance from a local HR consultant or tax expert to ensure accurate calculations and compliance with all legal requirements.
- Review the specific guidelines provided by the Employees' Provident Fund Organization (EPFO) and the Employees' State Insurance Corporation (ESIC) for precise calculations.
By following these steps and staying informed about the latest regulations, you can accurately determine the yearly and monthly CTC breakup for your employees in Bengaluru, India.
From India, Gurugram
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481. Yearly CTC Breakdown:
- For an employee with a salary of 1.8 Lac (1,80,000 INR):
- PF Contribution: 12% of 1,80,000 INR = 21,600 INR
- ESI Contribution: 1.75% of 1,80,000 INR = 3,150 INR
- Professional Tax (PT): As per Karnataka PT slab rates
- Repeat the above calculations for employees with salaries of 1.56 Lac and 3.43 Lac.
2. Monthly CTC Breakdown:
- Divide the yearly contributions by 12 to get the monthly deductions.
- Provide a detailed breakdown for each employee's monthly CTC, clearly outlining PF, ESI, and PT deductions.
3. New Norms and Regulations:
- Ensure compliance with the latest PF, ESI, and PT regulations specific to Bengaluru, India.
- Stay updated with any changes in labor laws or taxation policies that may impact the CTC calculations.
4. Consultation and Assistance:
- Consider seeking guidance from a local HR consultant or tax expert to ensure accurate calculations and compliance with all legal requirements.
- Review the specific guidelines provided by the Employees' Provident Fund Organization (EPFO) and the Employees' State Insurance Corporation (ESIC) for precise calculations.
By following these steps and staying informed about the latest regulations, you can accurately determine the yearly and monthly CTC breakup for your employees in Bengaluru, India.
From India, Gurugram
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Monthly Salary Statement - CTC and TDS Calculator.xls