Calculation Of CTC

 Essay upon Computation Of CTC

CALCULATION OF CTC & HAVE

HOME SALARIES

COMPONENTS OF SALARY

Fundamental Salary

HRA

DA & FDA

Conveyance Allowance

Variable pay( monthly)

Gratuity? LTA?

PF? ESI?

Medical Allocation, attire permitting, washing

permitting

Education allocation, Spl Permitting

COMPUTATION OF CTC

Fundamental Salary, HRA, DA & FDA

Conveyance Allowance, Changing pay( monthly)

Gratuity, LTA p. a., Bonus, Extratia

Retention/Loyalty Added bonus paid annually

PF, ESI(employers)

Medical Allocated, attire allocation, washing

allocated, Education permitting

Spl Permitting

Sodexo, holiday accommodation, Mobile, net

allowance

DEDUCTIONS

Statutory

Recommended – circumstance based

LAWFUL DEDUCTIONS

Prepared Fund – Employers

contribution

Income Tax – TDS

Career Tax - PT

Contribution to Operate Unions

OPTIONAL DEDUCTIONS

Salary Advance

Efforts to Insurance

Contributions to Relief Cash

Any other plan

Additional contribution to PF

Recovery of Damages/losses, LOP

PT IN TELANGANA(ON LOW

SALARY)

Rs.

Rs.

Rs.

Rs.

Rs.

Different several States

Seeing that covered by the Commercial Taxation

Department of every State.

5001 to 6000 --- Tax Rs. 60

6001 to ten thousand --- Duty Rs. eighty

10001 to 15000 -- Tax 90

15001 to 20000 --- Tax a hundred and fifty

20000 and above --- Tax 2 hundred

PROVIDENT FINANCE

Upto a salary of Rs. 15, 000/- A month

@ 12%

Contributed by both Employee &

Staff

8. 33% to Prepared Fund

a few. 67% to Pension Finance

ESI

1 . 74% on Low by Employee

4. 75% on Low by Workplace

Gross wage upto Rs. 20000/-

TAX SLABS ACCORDING TO ACT OF 2013 TO GET THE

YR 2014-15 FY

Upto Rs. 250000 – NIL

Rs. 250000 – 500000 – 10%

Rs. 500001 – 1000000 – 20%

Rs. 1000001 and above – 30%

ALLOWANCES

HRA: Lowest of the following:

Actual HRA Received

Lease paid above 10% of salary

fifty percent of income in Local area Cities or perhaps 40% of salary for others.

Salary means Basic Wage as well as DE UMA if the terms of career so present. 

CONVEYANCE ALLOWANCE: Any allocated granted in order to meet the costs incurred wholly, necessarily and exclusively in conveyance in performance in the duties of office and so certified by the employer is usually exempt TRANSPORT ALLOWANCE: Virtually any allowance granted to an worker to meet the expenditure when it comes to commuting between your place of his residence plus the place of his duty to the extent upto Rs. 800/- per month is usually exempt.

MEDICAL REFUND: An amount of Rs. 15, 1000 or the genuine amount reimbursed by the company whichever is less is exempt.

CAREER TAX: Occupation Tax accessed by the State Government is allowable as a discount from Major Salary

Sodexo Moves – Rs. 50 every meal and 30 days two meals = Rs. 3 thousands per month

REBATES UNDER 80C

It has been introduced by the Fund Act 2006. Broadly speaking, this section provides discount from total income in respect of various investments/ expenditures/payments. The entire deduction underneath this section (alongwith section 80CCC and 80CCD) is limited to Rs. you lakh only.

Section

Section

Section

Section

80C (Various investments)

80CCC (Premium intended for Annuity plans)

80CCD (Contribution to Monthly pension Account)

80CCF (Investment in Infrastructure Bonds)

SECTION 80C

Insurance coverage Premium For individual, policy has to be in do it yourself or spouse's or any child's name. To get HUF, it can be on life of any kind of member of HUF.

Sum paid out under get deferred pension For individual, about life of self, partner or any kid.

Sum deducted from salary payable to Govt. Stalwart for obtaining deferred premium for selfspouse or kid Payment restricted to 20% of salary. Contribution made underneath Employee's Prepared Fund Structure.

Contribution to PPF For seperate, can be in the name of self/spouse, any kind of child & for HUF,...

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