Salary breakup
This query is : Resolved
17 November 2009
My friend have joined new comany, that company ask him to give a salary breakup which will be suitable fr him from tax view.His salary in new company will be 6 lacs p.a.Please give me the salary breakupi.e.what allowances fascilities he should take?? what perquisites he should take?
17 November 2009
Archana there are two things involved in the pay package. One is fixed salary & other one is perks.
The company asked the options for perks only & not for fixed component. So please let us know the value of perks in your friends case.
The company asked the options for perks only & not for fixed component. So please let us know the value of perks in your friends case.
17 November 2009
Hi Archana,
After the abolition of FBT most of the perquisite( benefit out of pay slip) become taxable and the chance of minimising tax is also reduced. However the following components may reduce tax to some extent.
House Rent Allowance: If the person pay rents for staying.
Leave Travel Allowance : Deduction can be claimed once in two years or twice in four years for travel within India.
Conveyance Allowance: 800 Rs. per month.
The list is inclusive and all the allowance can be paid monthly and tax exempltion can be claimed against expenses incurred for the HRA and LTA.
Outside salary slip 15,000 per annum can be claimed as medical expenses against bill.
After the abolition of FBT most of the perquisite( benefit out of pay slip) become taxable and the chance of minimising tax is also reduced. However the following components may reduce tax to some extent.
House Rent Allowance: If the person pay rents for staying.
Leave Travel Allowance : Deduction can be claimed once in two years or twice in four years for travel within India.
Conveyance Allowance: 800 Rs. per month.
The list is inclusive and all the allowance can be paid monthly and tax exempltion can be claimed against expenses incurred for the HRA and LTA.
Outside salary slip 15,000 per annum can be claimed as medical expenses against bill.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR 2 Short Term gain & Long term gain
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- ITR selection for salaries and capital gain less than L
- ITR returnFY25-26
- Short Term Capital gain on shares bought and sold after 2018 onwards
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Article ship defecit
- Bank Accounts in Balance Sheet for ITR 3
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
