In payroll, LOP stands for “Loss of Pay,” which refers to the situation where leave is taken by the employee when he/she does not have leave balance in his/her account but is given permission to remain absent. How to Calculate LOP in Salary? Calculation of the number of days for a ...
House Rent Allowance or HRA: The allowance is for expenses related to rented accommodation. Salaried individuals who live in a rented house/apartment can claim House Rent Allowance or HRA to lower taxes. This can be partially or completely exempt from taxes. Our articleHRA Exemption,Calculation,Ta...
Income tax Calculation illustrated with an Example Under Section 80C, you can avail deduction up to INR 1.5 lakhs by investing into various tax saving instrument. For higher tax bracket salaries, individuals can save up to INR 45,000 by investing into tax saving instrument. ...
Insight:If you’ve selected “Custom Formula” as the calculation type, you can input variables based on the number of days, hours, or units while adding components for the custom formula. Day and Hour-Based Custom Formulas allow you to define the number of days or hours as relevant input ...
What Is The Loss of Pay Calculation Formula? Loss of pay is usually calculated as the one-day basic salary based on the number of days in a month, and this is then multiplied by the number of days the employee has taken leave. Accurate loss of pay calculation is essential for maintaining...
leave encashmentfinal settlementCountry-IndiaCity-India-Coimbatore Pranesh ashok 1 Hi friends, I have a query can you all please help me out. One of the employee got resigned due to job dissatisfaction ,he has given resignation & it has been accepted by the management,but he is a probationer...