40000 Salary Slip
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Total CTC: 50% should be Basic, Basic: 50% should be HRA, Travel: $800, and the remaining amount should be shown in special allowance.
I think a breakup for Rs. 40,000 should be like this:Basic Salary - 45% of 40,000, which is 18,000HRA - 40% of Basic - 7,200Education Allowance - 200Conveyance Allowance - 800Medical Allowance - 1,250Other Allowances - 12,550
Dear Shabina,Salary breakup of Rs. 40,000/-Basic Salary - Rs. 16,000/-HRA - Rs. 8,000/-Conv. Allowance - Rs. 4,000/-City Comp. Allowance - Rs. 4,000/-Mediclaim Allowance - Rs. 4,000/-Traveling Allowance - Rs. 4,000/-Regards,Radhey9289028034
There is no such standard rule to make the breakup. A breakup should be prepared in such a way as to minimize the tax liability. To minimize the tax liability, some factors are HRA, food vouchers, traveling, House Furnishing Allowance, Medical Reimbursement, Chi...
Dear Shabina,My dear friends have suggested the salary structure keeping in mind the income tax liability, but some of my friends have not considered the liability of PF (although it can be avoided within the available act for new members only). It is advisable ...
If your establishment is an employee-friendly organization, you may deduct PF from Rs. 17,000, i.e., the gross salary. On the other hand, if you follow the law, since it is to be followed as part of your responsibility, then deduct PF from Rs. 15,000.
Hi Mohan,Both PF contributions should be equal, i.e., Rs.1800 + Rs.1800/-. However, if an employee wants to save more in PF, they can opt for VPF, which will be an additional contribution apart from the employee's share of 12%.
Sir, an employee with a gross salary of Rs 17,000/- has a basic salary of Rs 10,000/-. The question is whether PF should be deducted on the basic salary amount or on the PF ceiling limit?Gskumar
Hi Seniors,Please suggest to me, if an employee's gross salary is 80000/-, should their basic salary be 40000/-? Can I deduct EPF on a basic salary of 15000/- or 40000/-? Please advise.
Yes, you should contribute to the Pension Fund as well. If the age is above 58, then, of course, you need not contribute to the pension fund but should contribute your entire 12% to the PF.