Hello friends,
I want to set salary break up for the CTC 690,000 p.a.excluding p.f contribution and bonus.
Please suggest me hw could i do it and which allownces i include in break up.
please do needful.
Regards,
Mohini
3 Replies
Shailesh Kripal
(Music Industry : Copyright)
(31 Points)
Replied 25 March 2009
| Originally posted by :meet_mohini | ||
| " |
Hello friends,
U can break it into: Basic : 3,00,000 HRA : 1,50,000 Special Allow : 60,000 Transport Allow : 9,600 Children edu. Allow. : 2,400 Cash Part : 2 )Cell Phone : 24,000 Medical Reimb. : 15,000 Leave Travel Allow. : 25,000 Sodexo coupons : 15,000 Balance can be incentive to be paid at the end of the year.
|
" |
Amit Bhatkar
(Service)
(457 Points)
Replied 26 March 2009
In my opinion you should set salary break-up in such a way that will attrct minimum income tax.
There are certain allowances which are exempt even if you dont spend the amount. For example :
01. Child Education Allowance [ Rs. 100/- p.m. per child restricted upto 02 children ]
02. Hostel Expediture Allowance [ Rs. 300/- p.m. ]
03. Conveyance Allowance [ Rs. 800/- p.m. ]
Apart from these exps below re-imbursement are totally tax-free
01. Uniform exps re-imbursement
02. Medical Re-imbursement [ upto Rs. 15,000 ]
Certain allowances are exempt upto certain limit s.t. you spend your money
01. Leave Travel Allowance
02. Houese Rent Allowance
Coonsidering all these means, you can fix the salaty break-up.
Warm Regards
Amit
CA Karun Gupta
(Practicing Chartered Accountant)
(312 Points)
Replied 03 April 2009
@ shailesh
conveyance reimbursement and cell phone would be liable to FBT in the hands of the employer.. So this would not be possible.
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