Please suggest me for the salary break up of basic, HRA, Conveyance allowance, Special allowance, and PF for 6,00,000 with formula
From India, Chennai
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From India, Chennai
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To determine the salary breakdown for the components of basic pay, House Rent Allowance (HRA), Conveyance Allowance, Special Allowance, and Provident Fund (PF) for a total salary of 600,000 in Chennai, India, follow the below guidance:
Breakdown of Salary Components:
- Basic Pay: 40-50% of the total salary
- HRA: 40-50% of the total salary (varies based on whether living in metro or non-metro cities)
- Conveyance Allowance: Up to 1,600 per month is exempt from tax
- Special Allowance: Remaining amount after allocating basic, HRA, and Conveyance
- Provident Fund (PF): Calculated on Basic Pay + Dearness Allowance (if any)
Formula for Salary Breakdown:
1. Determine Basic Pay:
- Basic Pay = Total Salary * 50% = 600,000 * 50% = 300,000
2. Calculate HRA:
- HRA can be approximately 40% of the total salary in Chennai:
HRA = Total Salary * 40% = 600,000 * 40% = 240,000
3. Conveyance Allowance:
- Conveyance Allowance can be fixed at the exemption limit:
Conveyance Allowance = 1,600 per month * 12 = 19,200 per year
4. Special Allowance:
- Special Allowance = Total Salary - (Basic Pay + HRA + Conveyance Allowance)
Special Allowance = 600,000 - (300,000 + 240,000 + 19,200) = 40,800
5. Provident Fund (PF):
- PF contribution is typically calculated as a percentage of Basic Pay, let's assume 12%:
PF = Basic Pay * 12% = 300,000 * 12% = 36,000
Therefore, the salary breakdown for a total salary of 600,000 in Chennai, India, would be:
- Basic Pay: 300,000
- HRA: 240,000
- Conveyance Allowance: 19,200
- Special Allowance: 40,800
- PF: 36,000
This breakdown provides a structured approach to allocating the salary components based on common practices and regulations.
From India, Gurugram
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46Breakdown of Salary Components:
- Basic Pay: 40-50% of the total salary
- HRA: 40-50% of the total salary (varies based on whether living in metro or non-metro cities)
- Conveyance Allowance: Up to 1,600 per month is exempt from tax
- Special Allowance: Remaining amount after allocating basic, HRA, and Conveyance
- Provident Fund (PF): Calculated on Basic Pay + Dearness Allowance (if any)
Formula for Salary Breakdown:
1. Determine Basic Pay:
- Basic Pay = Total Salary * 50% = 600,000 * 50% = 300,000
2. Calculate HRA:
- HRA can be approximately 40% of the total salary in Chennai:
HRA = Total Salary * 40% = 600,000 * 40% = 240,000
3. Conveyance Allowance:
- Conveyance Allowance can be fixed at the exemption limit:
Conveyance Allowance = 1,600 per month * 12 = 19,200 per year
4. Special Allowance:
- Special Allowance = Total Salary - (Basic Pay + HRA + Conveyance Allowance)
Special Allowance = 600,000 - (300,000 + 240,000 + 19,200) = 40,800
5. Provident Fund (PF):
- PF contribution is typically calculated as a percentage of Basic Pay, let's assume 12%:
PF = Basic Pay * 12% = 300,000 * 12% = 36,000
Therefore, the salary breakdown for a total salary of 600,000 in Chennai, India, would be:
- Basic Pay: 300,000
- HRA: 240,000
- Conveyance Allowance: 19,200
- Special Allowance: 40,800
- PF: 36,000
This breakdown provides a structured approach to allocating the salary components based on common practices and regulations.
From India, Gurugram
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SALARY SHEET CALCULATION.xls
Salary calculation.doc