components of a good salary package
This query is : Resolved
17 April 2009
Hi,
How should a good salary package be formulated so that it attracts the least amount of income tax? Say for a package of 10 lakhs. The package has to be a mix of reimbursements and other perks and exempt incomes so that neither the employer nor the employee are much affected by the tax payout.
Thanks,
How should a good salary package be formulated so that it attracts the least amount of income tax? Say for a package of 10 lakhs. The package has to be a mix of reimbursements and other perks and exempt incomes so that neither the employer nor the employee are much affected by the tax payout.
Thanks,
18 April 2009
BASIC
DA
HRA
EDUCATION ALLOWANCE
CHILD EDUCATION ALLOWANCE
CONVEYANCE ALLOWANCE
ATTIRE ALLOWANCE - REIMBURSEMENT
MEDICAL ALLOWANCE - REIMBURSEMENT
PERFORMANCE INCENTIVE
MEDICLAIM POLICY AMOUNT - FOR SELF, WIFE, CHILDREN
LEAVE TRAVEL ALLOWANCE
DA
HRA
EDUCATION ALLOWANCE
CHILD EDUCATION ALLOWANCE
CONVEYANCE ALLOWANCE
ATTIRE ALLOWANCE - REIMBURSEMENT
MEDICAL ALLOWANCE - REIMBURSEMENT
PERFORMANCE INCENTIVE
MEDICLAIM POLICY AMOUNT - FOR SELF, WIFE, CHILDREN
LEAVE TRAVEL ALLOWANCE
18 April 2009
If we take into consideration the BPO sector, attire allowance - is not applicable. Again in the above structure the tax impact is maximum on the employee, we need to distribute it.
19 April 2009
Most of estabilishments are using this structure. Therefore, BPO can use this. if they are not using then they can change their sturcture
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