05 April 2008
YES.DETAILS LIKE RENT,OTHER PERKS,ETC.. MAY BE GIVEN TO ADVISE A SALARY STRUCTURE.
MEANWHILE,SOME CORPORATE SALARY PRACTICES / STRUCRURES ARE GIVEN BELOW .
1.IF YOU SO WISH , 50% OF M.D SALARY CAN BE PAID TO THE WIFE OF M.D APPOINTING HER AS PROFESSIONAL CONSULTANT OR RETAINER(IF SHE FITS INTO SUCH CATEGORY AND DOES NOT HAVE SUBSTANTIAL OTHER SOURCE OF INCOME TO TAX) ON WHICH 10.30% TAX IS ATTRACTED. 2.IF M.D HAS OWN HOUSE , THE SAME CAN BE TAKEN ON LEASE BY COMPANY AND PAY HIM LEASE RENT.THE SAME HOUSE MAY BE PROVIDED AS COMPANY PROVIDED HOUSE TO M.D AS A PERK IF THE COMPANY INTENDS TO GIVE HIM SUCH A BENEFIT. 3. DEDUCT TAX APPLICABLE ON ENTIRE SALARY WHICH THE COMPANY DECIDES TO PAY THE M.D. SOME ENTITIES REIMBURSE TAX DEDUCTED (AS A REWARD FOR CONTRIBUTION OF SENIOR EXECUTIVES ) IN SOME OTHER FORM IN THE NAME OF SOME EXP. APPLICABILITY OF SCH XIII AND SEC 269/310/309/349 /350 OF COS.ACT MAY ALSO BE COMPLIED . R.V.RAO
10 February 2010
Dear friend! Start from Perquisits reduce all the exempted max perquisites and the balance you divided it into Basic and HRA. HRA could be 50% of the Basic.
CAclubindia
