Act for creating basic and hra
This query is : Resolved
18 October 2013
is there any act for creating Basic salary, HRA and other allowance
exmple : gross salary 10000/-, may i show basic 8000 and HRA 2000 or is there any act
Raja
exmple : gross salary 10000/-, may i show basic 8000 and HRA 2000 or is there any act
Raja
18 October 2013
Hi
There is no such provision except compliance of Minimum wages.
In Maharashtra HRA should be minimum 5% of Basic salary.
Max HRA you can give is 40/50 %.
Also pl note if you intend to avoid PF contribution you have to show minimum of Basic salary as Rs. 6500/-
Thanks//VaibhavJ
There is no such provision except compliance of Minimum wages.
In Maharashtra HRA should be minimum 5% of Basic salary.
Max HRA you can give is 40/50 %.
Also pl note if you intend to avoid PF contribution you have to show minimum of Basic salary as Rs. 6500/-
Thanks//VaibhavJ
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18 October 2013
According to Minimum Wages Act, the Basic would be 35 to 50% of Gross salary. The range depends upon the C&B policies of the companies. Some companies believe in variable components and other believe in giving good basic within the range given above which means good post retirement benefits as well as fixed liability of the company.
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