Hi Friends, Please see the Attachment regarding Examples for preparing Salary Breakup.( Designing of Salary Structure) Keep Smiling..... mahesh k prasad
From India, Mumbai
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55From India, Mumbai
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Thatnks Mr.Mahesh ji, it’s very useful and very nice one. And more or less its looks very similar of our company salary structure. Thanks & Regards Gopa
From India, Panipat
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From India, Panipat
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Hi all, can anybdy help me out in Salary breakup. I want to need how we calculate Basic, HRA, TA/DA, CA etc out of gross package. Is there any fixed percentage to that????
From India, Chandigarh
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From India, Chandigarh
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Hi all, can anybdy help me out in Salary breakup. I want to know how we calculate Basic, HRA, TA/DA, CA etc out of gross package. Is there any fixed percentage to that????
From India, Chandigarh
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From India, Chandigarh
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It would really be helpful in designing the salary structure. You have given the deduction of MLWF; I would like to know what the grade stands for. So that it would be helpful, as I think the grade differs from company to company. Also, I think as per MLWF act only the word Manager or Supervisor is exempted from MLWF. Would be happy to hear your suggestions.
Lourdes
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Lourdes
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Hi,
It's really great. One more thing I want to ask is that I want to make a term paper on Compensation Management. Can you please suggest some latest topics so that the work I do will be relevant for all of us?
Regards,
Sonia
From India, Delhi
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It's really great. One more thing I want to ask is that I want to make a term paper on Compensation Management. Can you please suggest some latest topics so that the work I do will be relevant for all of us?
Regards,
Sonia
From India, Delhi
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Hi Mahesh,
Outstanding material - Love it. I am employed at a production company and presently working on succession planning. If you could kindly provide me with a few tips on how to get started with it, I would appreciate it.
Regards,
Javed
From Pakistan, Karachi
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Outstanding material - Love it. I am employed at a production company and presently working on succession planning. If you could kindly provide me with a few tips on how to get started with it, I would appreciate it.
Regards,
Javed
From Pakistan, Karachi
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Hi Mahesh,
Outstanding material - Love it. I am employed at a Production Company and presently working on a Succession planning. If you could kindly provide me with a few tips on how to get started with it, I would appreciate it.
Regards,
Javed
Email: jb7pk@yahoo.com :)
From Pakistan, Karachi
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Outstanding material - Love it. I am employed at a Production Company and presently working on a Succession planning. If you could kindly provide me with a few tips on how to get started with it, I would appreciate it.
Regards,
Javed
Email: jb7pk@yahoo.com :)
From Pakistan, Karachi
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Hi Mahesh,
I want to know why the bonus is Rs. 6000/- in your salary structure. At what percentage have you taken it? I am a bit confused.
Thanks in advance.
Rajeev Dixit
From India, Bangalore
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I want to know why the bonus is Rs. 6000/- in your salary structure. At what percentage have you taken it? I am a bit confused.
Thanks in advance.
Rajeev Dixit
From India, Bangalore
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Dear Sir,
Thanks for attaching the file; it has extremely useful contents.
I am Tannu Arora, working as a Senior Executive HR in a private firm. I need your help for my career.
Thanks & Regards,
Tannu Arora
Hi Friends,
Please see the attachment regarding examples for preparing Salary Breakup (Designing of Salary Structure).
Keep Smiling...
Mahesh K Prasad
From India, Delhi
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Thanks for attaching the file; it has extremely useful contents.
I am Tannu Arora, working as a Senior Executive HR in a private firm. I need your help for my career.
Thanks & Regards,
Tannu Arora
Hi Friends,
Please see the attachment regarding examples for preparing Salary Breakup (Designing of Salary Structure).
Keep Smiling...
Mahesh K Prasad
From India, Delhi
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Dear Friend You have to deduct the PF contribution for the amount of Rs.6500.00 only. hence Rs.6500 x 12% = 780 only. Are u clear now? Regards alphonse
From India, Madras
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From India, Madras
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Hi, I needed details on PF?i have worked for a company for 4 yaers..my monthly PF is 1560 which was deducted from my salary..now that i have left the job how much money will i get cheers, sup
From India, Bangalore
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From India, Bangalore
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can u pls tell why prof tax is RS2500; even though tax is rs.200 p.m. then it should be rs.2400 rs. na!(200*12)
From India, Ahmadabad
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From India, Ahmadabad
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I had similar kind of salary tracker but, this is improved and well defined... really good one!thanx dear
From India, Madras
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From India, Madras
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Highly useful salary structure. However, it does not contain components exempted from the purview of income tax, other than, of course, HRA, Medical, and Education Allowance. It would be very useful to all if a salary structure/breakup is suggested for a CTC of Rs. 8.00 lakhs and above per annum that gives maximum advantage from a tax perspective.
From India, Madras
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From India, Madras
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Nice one . Thanks very much. Can any one suggest a similar break up for a CTC of Rs. 10.00 lakhs per annum with maximum benefits on account of income tax deductions.
From India, Madras
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From India, Madras
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Hi Im doing my mba in HR from NIBM(corres) Provide some good institute which offerssome practical training and placement guidelines guide me on this currently im working in BPO
From India, Bangalore
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From India, Bangalore
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Hi, Could you please help me with a confusion? I work in Bangalore. My CTC is 10 lakhs p.a. But my monthly payslip shows an in-hand salary of 83,350 (55,000 basic, 22,000 HRA, 1,250 M.A., 800 conveyance, and 4,300 special allowance), which totals to 10,02,200 p.a., which is more than 10,00,000 mentioned in my offer letter. When I went for an interview, the HR manager asked me about this, and I don't know the technical side of it. Do I need to check with my employer and ask them to issue me an offer letter with the correct figure? Please help me. The deductions shown in my slip are 6,600 (PF), 6,620 (IT), and 200 (PT).
Thanks, P. Nambiar
From India, Kannur
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Thanks, P. Nambiar
From India, Kannur
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Hi, Could you please help me with a confusion? I work in Bangalore. My CTC is 10 lakhs per annum. However, my monthly payslip shows an in-hand salary of 83,350 (55,000 basic, 22,000 HRA, 1,250 M.A, 800 conveyance, and 4,300 special allowance), totaling to 10,02,00 per annum, which is more than the 10,00,000 mentioned in my offer letter. During an interview, the HR manager asked me about this, and I don't know the technical side of it. Should I check with my employer and ask them to issue a new offer letter with the revised figure?
The deductions shown in my payslip are 6,600 (PF), 6,620 (IT), and 200 (PT).
Thank you,
P. Nambiar
From India, Kannur
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The deductions shown in my payslip are 6,600 (PF), 6,620 (IT), and 200 (PT).
Thank you,
P. Nambiar
From India, Kannur
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Dear Mahesh, Thank you very much for your inputs. Are the Statutory Deductions for payroll the latest that you have? I thought the ESI deduction for an employee was for a gross salary of less than 15K per month. Can you please clarify?
Thanks,
Bharati
From India, Madras
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Thanks,
Bharati
From India, Madras
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Dear Sir, I need assistance in creating a salary structure based on the headings listed below and connecting it to the salary slips. Please provide guidance on the appropriate salary structure including the following components:
BASIC + GRADE PAY = BASIC PAY + DA = TOTAL OF BASIC PAY + DA + HRA + TA + MEDICAL ALLOWANCE + CLA + MGMT. ALLOW. = GROSS SALARY - PF AMOUNT - VOL CONT. - PT DED - INCOME TAX - OTHER DED - NET SALARY WAGES PENSION EPF
I would appreciate your help in linking this structure to the salary slip. Thank you.
Roger Dsouza
From India, Mumbai
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BASIC + GRADE PAY = BASIC PAY + DA = TOTAL OF BASIC PAY + DA + HRA + TA + MEDICAL ALLOWANCE + CLA + MGMT. ALLOW. = GROSS SALARY - PF AMOUNT - VOL CONT. - PT DED - INCOME TAX - OTHER DED - NET SALARY WAGES PENSION EPF
I would appreciate your help in linking this structure to the salary slip. Thank you.
Roger Dsouza
From India, Mumbai
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For preparing any payslip, there are three parts: the earning side, deduction side, and net salary. All monthly paid items should be on the earning side, including any special payments for a particular month. All deductions - such as PF, Voluntary PF, ITAX, ESIC, PTAX, and advance or loan deductions, etc. - should be on the deduction side. The last column will be NET Salary = Total Earnings - Total deductions.
S K Bandyopadhyay (WB, Howrah) CEO-USD HR Solutions +91 98310 81531
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From India, New Delhi
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S K Bandyopadhyay (WB, Howrah) CEO-USD HR Solutions +91 98310 81531
From India, New Delhi
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The taxation applies to workers and employees are the key subject for Accounts/Finance personnel (Commerce,CA & ICWA professionals).
The knowledge of HR professional on taxation (Income Tax & Professional Tax) is good and welcome feature. Because an HR is limited IT & PT for payroll management.
For an in-depth understanding of the taxes associated with payroll, you have to go through the Income Tax and it's applicability to different income group and applicable exemption criteria by going through the relevant notifications and Books(Income tax on salary by Swamy) . In case of confusion consult a tax consultant i.e, preferably a Chartered Accountant. In recent time the IT has been very simpler form, so you need a dedicated study of seven days. The Professional Tax is vary from state to state, so you need to read Professional Tax Act of your state with the recent ammendments. Please do not refer internet study rather begin with the books, mark the page with flags most relevant. श्रद्धाबान लभते ज्ञानम्
From India, Mumbai
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The knowledge of HR professional on taxation (Income Tax & Professional Tax) is good and welcome feature. Because an HR is limited IT & PT for payroll management.
For an in-depth understanding of the taxes associated with payroll, you have to go through the Income Tax and it's applicability to different income group and applicable exemption criteria by going through the relevant notifications and Books(Income tax on salary by Swamy) . In case of confusion consult a tax consultant i.e, preferably a Chartered Accountant. In recent time the IT has been very simpler form, so you need a dedicated study of seven days. The Professional Tax is vary from state to state, so you need to read Professional Tax Act of your state with the recent ammendments. Please do not refer internet study rather begin with the books, mark the page with flags most relevant. श्रद्धाबान लभते ज्ञानम्
From India, Mumbai
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The taxes associated with payroll management are Income Tax and Professional Tax.
The Service Tax too also apply to the people hired as consultant paid through bills raised by the consultant.
Primarily all the taxes applicable to an business establishment are mostly dealt by the Accounts/Finance professionals of the said department.
As an HR one should know the taxes levied on salary of employed persons.
Your interst on subject of Tax is a welcome decision. You need to read the Income Tax Act and Rules thoroughly in respect to recent ammendments. In case of confusion, consult a tax consultant preferably a Chartered Accountant. To know about the professional tax, you have to read and refer the PT Act & rules of your state because it varies from state to state.
Always prefer a current publication book than internet learning. One can able to know as much within two weeks of vigorous study. श्रद्धा बान लभते ज्ञानम्
From India, Mumbai
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The Service Tax too also apply to the people hired as consultant paid through bills raised by the consultant.
Primarily all the taxes applicable to an business establishment are mostly dealt by the Accounts/Finance professionals of the said department.
As an HR one should know the taxes levied on salary of employed persons.
Your interst on subject of Tax is a welcome decision. You need to read the Income Tax Act and Rules thoroughly in respect to recent ammendments. In case of confusion, consult a tax consultant preferably a Chartered Accountant. To know about the professional tax, you have to read and refer the PT Act & rules of your state because it varies from state to state.
Always prefer a current publication book than internet learning. One can able to know as much within two weeks of vigorous study. श्रद्धा बान लभते ज्ञानम्
From India, Mumbai
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As an HR professional, it is essential to have a good understanding of the taxes associated with payroll management. The main taxes to consider are Income Tax, Professional Tax, and Service Tax. Here are some practical steps to guide you:
- Income Tax: Familiarize yourself with the Income Tax Act and Rules, especially recent amendments. If in doubt, seek advice from a tax consultant, preferably a Chartered Accountant.
- Professional Tax: Research the PT Act and rules of your specific state, as this tax varies across different states in India.
- Service Tax: Note that Service Tax applies to consultants paid through bills. This tax is typically handled by the Accounts/Finance department.
When delving into tax-related topics, it's advisable to refer to current publication books for accurate information rather than relying solely on internet sources. By dedicating time to study within a two-week period, you can acquire substantial knowledge on these tax matters. Remember to maintain a single line break between paragraphs for better readability and correct any spelling or punctuation errors for improved text quality. If legal aspects are involved, always reference the relevant labor laws or policies accurately and precisely.
From India, Gurugram
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- Income Tax: Familiarize yourself with the Income Tax Act and Rules, especially recent amendments. If in doubt, seek advice from a tax consultant, preferably a Chartered Accountant.
- Professional Tax: Research the PT Act and rules of your specific state, as this tax varies across different states in India.
- Service Tax: Note that Service Tax applies to consultants paid through bills. This tax is typically handled by the Accounts/Finance department.
When delving into tax-related topics, it's advisable to refer to current publication books for accurate information rather than relying solely on internet sources. By dedicating time to study within a two-week period, you can acquire substantial knowledge on these tax matters. Remember to maintain a single line break between paragraphs for better readability and correct any spelling or punctuation errors for improved text quality. If legal aspects are involved, always reference the relevant labor laws or policies accurately and precisely.
From India, Gurugram
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Creating a Competitive Salary Structure.doc
Compensation Structure.ppt