It includes the expenses of the journey such as bus fare, train ticket. LTA is also a part of the gross salary received by the employee. Telephone or mobile phone allowance –The reimbursement of mobile and telephone expenses to the employee forms part of the gross salary paid to him. ...
BenefitsGross salary includes other benefits like bonuses, overtime pay, holiday pay, and other differentials.Net salary is excluded from all other fringe benefits. InterdependencyIt comprises of Net Salary, Income Tax & Retirals.Net salary is the only physical amount the employee enjoys, also know...
Provident fund contribution or EPF has two sides – the employer’s contribution and employee’s contribution.This is usually12 per centof the basic salary. However, this contribution is not paid out . It is directly deposited in Provident Fund(PF) account and paid to employee when he retires...
Gross Salary refers to the total salary received by an employee during a particular financial year, for his/her contribution to the organisation. It is not just the basic salary but also includes the incentives and fringe benefits. There are a number of instances when gross salary is misconstrue...