I would like to know that exact salary breakup structure according to the laws......please help me.
Salary Breakup Structure
Components Percentage On Gross
Basic Salary 57.15% On Gross
HRA 22.85% On Gross
Conveyance Allowance 4.57% On Gross
Medical Allowances 7.14% On Gross
OTHER ALLOWANCES 8.29% On Gross
Total of the Above Breakup Structure 100%
PT Calculated As per Rules
ESI→1.75% on Take Home applicable only for Factory Employees under the ESI ACT, 1948
TDS→ 10% on Take Home..
please let me know whether these percentages are correct according to laws......
Could you kindly send us a Salary break up in Excel format? Ours is a small NGO having 75 staffs. We deduct PF and Income Tax. So based on it we need a Salary break up format which will be usefull for us. Kindly help us whether we could deduct TDS every month or it could be on Yearly basis. We hop you will help us in this regard.
Thanks and regards
There is no law which specifies the salary structure. You have to structure your salaries in such a way that your employees are able to get the maximum benifit under the Income Tax Act. ESI, if applicable is deducted @1.75% from the employees salary, employer's contribution is 4.75%. As far as TDS is concerned, total taxable salary and income tax deductable thereupon is calculated for the year and deducted in equal instalments and deposited with I.Tax authorities each month in such a way that total Tax due is recovered and deposited with I.Tax authorities by March salary. An Excel file is attached for your refrence.
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