Computation of Income Tax: salary
This query is : Open
13 August 2024
Can anyone calculate income Tax from following details :
I. Monthly Components Amount (INR)
1. Basic Salary: 64,900
2. House Rent Allowance (50%): 32,450 ( rent paid 22,000 pm , city: pune)
3. Company contribution to E.P.F./Special Pay I: 7,788
4. Superannuation fund/Special Pay II (15%): 9,735
5. National Pension Scheme/Special Pay III (10%): 6,490
6. Leave Travel Assistance (10%): 8.490
7. Statutory Bonus/Ex-Gratia (20%): 12,980
8. Miscellaneous Allowance: 21,571
Total to be paid monthly (M)= 1,62,404
Total for the year [M12] [A] : 19,48,848
II.Variable Components
1. Annual Performance Bonus [APB] Per Month [M]: 18,333
Total APB 10.0% of Annual Gross Salary [B]: 2,19,996
III.Annual Component
1. Provision for your gratuity[C] (4.0%): 31,152
Annual Gross Salary [A+B+C] =21,99,996
IV. Major Benefits [Average cost per person p.a.)
Insurance and Food" [D] =41,000
Cost To Company (CTC) (A+B+C+D) =22,40,996
I. Monthly Components Amount (INR)
1. Basic Salary: 64,900
2. House Rent Allowance (50%): 32,450 ( rent paid 22,000 pm , city: pune)
3. Company contribution to E.P.F./Special Pay I: 7,788
4. Superannuation fund/Special Pay II (15%): 9,735
5. National Pension Scheme/Special Pay III (10%): 6,490
6. Leave Travel Assistance (10%): 8.490
7. Statutory Bonus/Ex-Gratia (20%): 12,980
8. Miscellaneous Allowance: 21,571
Total to be paid monthly (M)= 1,62,404
Total for the year [M12] [A] : 19,48,848
II.Variable Components
1. Annual Performance Bonus [APB] Per Month [M]: 18,333
Total APB 10.0% of Annual Gross Salary [B]: 2,19,996
III.Annual Component
1. Provision for your gratuity[C] (4.0%): 31,152
Annual Gross Salary [A+B+C] =21,99,996
IV. Major Benefits [Average cost per person p.a.)
Insurance and Food" [D] =41,000
Cost To Company (CTC) (A+B+C+D) =22,40,996
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