Gross Salary = Basic Salary + Dearness allowance(optional) + Other Allowances(HRA,LTA) + Perquisite(Gift Voucher, Stock options) Net Salary = Gross Salary – Deductions(TDS, Professional Tax) CTC=Net Salary+Direct Benefits(EPF, Gratuity, Leave Encashment, Corporate NPS) + Indirect Benefits(Lapt...
financial or business decisions. Use this information strictly at your own risk. Khatabook will not be liable for any false, inaccurate or incomplete information present on the website. Although every effort is made to ensure that the information contained in this website is updated, relevant an...
After gathering the inputs mentioned in the previous step, you need to validate them so that everything is as per the company policy. Also, check if all the active employees are included in the record before payroll execution and inactive employees are deleted. 5. Calculating payroll This ist...
Input validation:The next step in the process is checking the validity of the input data and whether it adheres to company policy. This is the time to make sure no active employee has been missed and no inactive employee has been included in the salary payment. Actual Payroll Process Payroll...
Employees Provident Fund (EPF) Conveyance Allowance Dearness Allowance Leave Travel Allowance Customs Duty Union Budget Gross Salary and CTC Inflation Index of India PF Number Tax Calendar Medical Reimbursement Tuition Fee Exemption Tidings of Property Tax in India ...
Only the traveling cost is covered, you cannot claim expenses on hotel rooms, sightseeing, food, etc, cannot be included under LTA. For example Tarak works in New Delhi. He gets an LTA of Rs.20000. He goes for a vacation from New Delhi to Goa on business class air tickets for Rs.30...
The amount will be referred to as gross salary if EPF, gratuities, and other deductions are not included in the CTC. Basic Salary plus HRA, Special Allowance, Conveyance Allowance, Medical Allowance, and LTA equals Gross Salary. On the other hand, an employee's entire income after deductions...
will. She does not even require the consent of her husband. A husband may/may not use it, but, if he uses it, then he must return the same to his wife when required. This includes all the movable and immovable property received by her. The following things are included under Streed...