Is it required to split up salary in salary slip if so how. Plz give salary split up for Rs.100000/- per month.
From India, Kochi
From India, Kochi
@ Snehaprajeed,
Actually, salary split up is in the benefit of the company to employee to get the tax exemption. As components like HRA, Conveyance, Medical Allowance, Uniform & Washing allowance, LTA, PF contribution etc..... are exempted as per Income Tax Act.
For salary breakup as you are from Bombay please refer following (for financial year 2014-15 as conveyance & medical allowance limit has increased in recent Budget for next financial year 2015-196).
1) Define 50% of Gross as "Basic". = 50000 (Approx as to consider 1 Lakhs as gross)
2) 50% of Basic is "HRA" house rent Allowance = 25000.
3) Medical Allowance = 1250
4) "Conveyance" = 800
5) "Uniform & washing" = 5000
6) "LTA'' can be = 7500 (Exempted 2 time in 4 year slab. You need to check current slab)
7) The other amount can be adjusted in to "other allowance".
8) PF you can apply 12% of Basic salary.
I Hope it clears your doubts. Revert in case of further query.
From India, Ahmedabad
32Actually, salary split up is in the benefit of the company to employee to get the tax exemption. As components like HRA, Conveyance, Medical Allowance, Uniform & Washing allowance, LTA, PF contribution etc..... are exempted as per Income Tax Act.
For salary breakup as you are from Bombay please refer following (for financial year 2014-15 as conveyance & medical allowance limit has increased in recent Budget for next financial year 2015-196).
1) Define 50% of Gross as "Basic". = 50000 (Approx as to consider 1 Lakhs as gross)
2) 50% of Basic is "HRA" house rent Allowance = 25000.
3) Medical Allowance = 1250
4) "Conveyance" = 800
5) "Uniform & washing" = 5000
6) "LTA'' can be = 7500 (Exempted 2 time in 4 year slab. You need to check current slab)
7) The other amount can be adjusted in to "other allowance".
8) PF you can apply 12% of Basic salary.
I Hope it clears your doubts. Revert in case of further query.
From India, Ahmedabad
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