CALCULATION OF CTC & HAVE
COMPONENTS OF SALARY
DA & FDA
Variable pay( monthly)
Medical Allocation, attire permitting, washing
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
Medical Allocated, attire allocation, washing
allocated, Education permitting
Sodexo, holiday accommodation, Mobile, net
Recommended – circumstance based
Prepared Fund – Employers
Income Tax – TDS
Career Tax - PT
Contribution to Operate Unions
Efforts to Insurance
Contributions to Relief Cash
Any other plan
Additional contribution to PF
Recovery of Damages/losses, LOP
PT IN TELANGANA(ON LOW
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
Upto a salary of Rs. 15, 000/- A month
Contributed by both Employee &
8. 33% to Prepared Fund
a few. 67% to Pension Finance
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%
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.
80C (Various investments)
80CCC (Premium intended for Annuity plans)
80CCD (Contribution to Monthly pension Account)
80CCF (Investment in Infrastructure Bonds)
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,...