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3 answers

u need to understand which "head" attracts taxes and hence give ur employees an opportunity to save taxes, thus retaining them..
typical break off in ny salary is as below

Basic x
HRA x/2
Medical reimbursement Rs.1250 (max non taxable limit)
Telephone allowance Rs.900 (max non taxable limit)
child education allowance
Food vouchers Rs.13500 (max.annual non taxable)
Other allowances all taxable
like travel,book,cloth
PF 12% of x (contribution fm employee)
12% of x( including EPF from the employer
LTA 2 X x (annual, tax exempted only if claimed twice in a block of 4 year)


should be enuf to start wt.. but u should also check wt ur CA to understand the implications of FBT that u would have to bear !!

2007-05-31 00:27:49 · answer #1 · answered by AseemT 2 · 1 0

Gross salary is what's agreed between you and your organization. internet salary is what you get after statutory and different deductions. to quote an occasion: Gross salary consists of: elementary Pay, Dearness Allowance, living house lease Allowance, Conveyance Allowance, and so on. internet salary consists of: all the above much less earnings Tax deductible as in keeping with regulation, EPF contribution payable with the help of the worker, deductions because of subsidised lunch provided, advances of pay drawn, instalments of Loans taken and repaid by salary. Now you bypass decrease back on your salary Slip and spot whether the above info are effectual in looking out solutions on your queries.

2016-12-30 08:35:13 · answer #2 · answered by ? 3 · 0 0

Normally you group all the income figures under various heads together to get the gross salary. You group all the deductions together and show as "total deductions". When you deduct total deductions from gross salary, balance is "net payable salary."

You can have following head under "Gross salary"
1. Basic pay
2. Dearness allowance
3. House rent allowance
4. City compensatory allowance
5. Fuel allowance
6. Travelling allowance
7. Overtime
8. washing allowance
9. any other allowance, as may be applicable.
Hope you have found your answer.

2007-05-30 23:34:26 · answer #3 · answered by Nitin G 7 · 0 0

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