We have taken 40% of gross pay as basic salary for PF calculation. We made only mandatory PF deductions. We have calculated employee insurance premium for an assured amount of Rs 5 lakh. The users either can edit the existing deductions, or they can enter the additional deductions. We...
It includes various components like basic pay, provident fund, allowances, etc. Some companies calculate it by adding the employer’s contribution towards PF (Provident Fund) and Gratuity to the gross salary. Fun Fact: RazorpayX Payroll platform provides this as a configuration option to users,...
Take home salary of an employee in India is”CTC – (Gross salary – Deductions)”. The CTC (Cost to Company) of an employee includes the PF contribution of employer and gratuity amount and any other expenses that the company is spending on the employee. Here is the simple take home sala...
As Gross Taxable Salary 6,07,200 falls in the highest tax bracket. This tax amount includes education cess too. Assumption: Employee does not make any tax saving investment. Tax based on Assement Year 2011-2012 : 57,103. For tax estimatorTax Calculator isis very helpful. Can Take Home sa...
The biggest drawback about the CTC structure is that it includes many deductibles that form a part of the overall salary but do not come into the employee’s hands. This makes CTC look much more inflated. This is where the concept of take home salary comes in. ...
Ram easily configures variable pay to be paid in the upcoming payroll run for each eligible employee. This flexibility allows him to adjust the variable pay amount for individual employees. Zoho Payroll includes the scheduled variable pay accurately, motivating employees and rewarding their contributions...
A typical salary structure in India includes the following components : Earnings: Basic Salary HRA (House Rent Allowance) LTA (leave Travel Allowance) Applicable Allowance Performance Bonus Statutory deductions in the form of: PF (Provident Fund) Contribution by Employee ...
Always True:if you have selected this option, then the respective salary rule will be available for all salary computations. Range:This option includes some sub-options also. In this field, the Range Based on will be automatically filled by ‘contract. wage’ based on the employee wage that ...
For Income Tax Department their source of your salary income is Total amount Paid/credited in Form 26AS.Quick e-File ITR option on incometaxindiaefiling.gov.in of ITR1 picks this amount in”Income under Salary” column. It is not INCOME CHARGEABLE UNDER THE HEAD “SALARIES” (3-5) from...
Retirals– Also known as superannuation, which covers an employee pension plan for post-retirement. Bonus– Gifts or performance allowance which covers gross salary. Others like Medical Allowance, Provident Fund(PF), etc. Gross Salary Formula Calculation ...