Salary restructure

Tax planning 704 views 1 replies

Pls comment on this salary structure

 

Details   Amount Details of Salary Break Up
Basic  50% 37500.00 With Salary
HRA 20% 15000.00 Rent paid receipt will be provided
Children Eduction Allowance Allowance 400.00 (Exempted) 200 PM for 2 Child
LTA   3500.00 (Exempted 2 times in 4 Years)
Reimburshment    
Books & Peridiocals/Magazine Reimburshment   2500.00 (Exempted) in case bill provided U/s 10(14)
Medical Reimburshment   1250.00 (Exempted) in case bill provided
Car Driver Salary Reimburshement   8350.00 (Exempted) in case used for office purpose only U/s 10(14)
Car Petrol/Conveyance Reimburshment   3500.00 (Exempted) in case used for office purpose only U/s 10(14)
Telephone/Mobile Bills Reimburshment   1500.00 (Exempted) in case used for office purpose & approved
Food Vouchers Reimburshement   1500.00 (Exempted Rs 50 Per Meal)
Gross CTC (PM)   75000.00  
Less:  Reimburshment      
Books & Peridiocals/Magazine Reimburshment   2500.00 Bills will be provided
Medical Reimburshment   1250.00 Bills will be provided
Car Driver Salary Reimburshement   8350.00 Voucher Will be provided
Car Petrol/Conveyance Reimburshment   3500.00 Petrol Slip will be provided
Telephone/Mobile Bills Reimburshment   1500.00 Bills will be provided
Food Vouchers Reimburshement   1500.00 Like Sudesco Vochers Etc
Taxable Salary   56400.00  
Less : Allowed Deductions       
U/s 80C   8333.33  
U/s 80D   1250.00  
HRA   11250.00  
Children Eduction Allowance   400.00  
Net Taxable Salary   35166.67  
       
Full Year   422000.00  
Less Basic Exemption   200000.00  
Taxable Salary   222000.00  
Full Year Tax   22200.00  

 

Replies (1)

Nicely covered! Documentaitons have to be maintained to corroboratre the structure as mentioned.


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