Dear Seniors, I have prepared attached 12 LPA CTC breakup kindly advice whether I have prepared it correct or not. Its urgent for me kindly help out.
From India, Pune
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1From India, Pune
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Dear Anony,
Conveyance and Medical Reimbursement have been removed from exemption as per the last budget. Instead, a standard deduction of 40k has been introduced. Therefore, you can remove these two components. Also, you may consider increasing the basic to 40% of CTC. This will raise the HRA limits too, so it will help employees who pay higher for rent.
Rest all looks fine to me.
Regards,
Rahul Chhabra
From India, Delhi
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Conveyance and Medical Reimbursement have been removed from exemption as per the last budget. Instead, a standard deduction of 40k has been introduced. Therefore, you can remove these two components. Also, you may consider increasing the basic to 40% of CTC. This will raise the HRA limits too, so it will help employees who pay higher for rent.
Rest all looks fine to me.
Regards,
Rahul Chhabra
From India, Delhi
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It seems okay, but my suggestions are:
Basic may fix 40% of the total CTC. Please check whether you are protecting his/her Basic from the previous employer.
Education Allowance is very low.
I think Medical Reimbursement has become fully taxable from this year onwards. Please check.
From India, Hyderabad
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Basic may fix 40% of the total CTC. Please check whether you are protecting his/her Basic from the previous employer.
Education Allowance is very low.
I think Medical Reimbursement has become fully taxable from this year onwards. Please check.
From India, Hyderabad
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Education allowance has a capping of Rs. 100 per child per month, and upto 2 children. Hence the education allowance is not low but as per the IT act.
From India, Delhi
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From India, Delhi
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Hi,
You can provide medical allowances of $1,250 every month (not quarterly) above $15,000, which is taxable. 40% of the basic salary out of CTC can be provided. You can even include DA of 10%, if needed.
Regards,
Tabitha
Bangalore
From India, Bengaluru
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You can provide medical allowances of $1,250 every month (not quarterly) above $15,000, which is taxable. 40% of the basic salary out of CTC can be provided. You can even include DA of 10%, if needed.
Regards,
Tabitha
Bangalore
From India, Bengaluru
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Dear Tabitha, Exemption on Medical Reimbursement and Conveyance Allowance has been removed wef 1st of April 2018. please check last budget updates. Regards Rahul Chhabra
From India, Delhi
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From India, Delhi
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As advised by Mr. Rahul Chhabra, medical reimbursement and conveyance allowance may be shown under the head Special/Other Allowance. You may increase HRA up to 50% of Basic Salary and reduce it from S/O Allowance.
Lastly, correct the spellings of Annexure and reimbursement.
Regards,
Suresh
From India, Thane
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Lastly, correct the spellings of Annexure and reimbursement.
Regards,
Suresh
From India, Thane
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