How Much Should Be Basic Salary Of Ctc 1 BASIC SALARY It is vital to decide how much of your CTC should make up the basic salary because it is fully taxable If the basic is too high your tax liability will shoot up Other components of salary exemptions such as the HRA and Provident Fund benefits are linked to basic pay Designing a tax efficient pay structure is always a
By using the above formula the basic salary can be deduced Basic Pay 40 000 12 000 28 000 Thus although CTC and basic salary are considered to be analogous to each other they are quite different from each other To calculate your basic salary in India determine the percentage of the CTC allocated to basic pay by your company If your basic pay is set at 40 of a 10 lakh CTC your basic pay will be 4 lakhs per year
How Much Should Be Basic Salary Of Ctc
How Much Should Be Basic Salary Of Ctc
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Salary Structure A salary breakup divides the CTC to determine your in hand salary Learn about basic salary allowances deductions and benefits to understand your total earnings Calculation of Basic Salary from Gross Salary with Example Gross salary Basic salary HRA House rent allowance DA dearness allowance MA medical allowance On an excel sheet the formula is SUM D2 G2 Hence the Basic Salary Gross salary Total Allowances HRA DA Medical insurance and others Or Basic salary 50 of CTC or 40 of gross pay
Gross salary Basic salary Allowances DA HRA LTA others Bonus Reimbursements Basic Salary The basic salary is the income of employees received against the number of days they have worked and their designation It is the prime part of the CTC about 30 50 and paid without any prior additions and deductions Basic Salary It is the amount paid to an employee before any extras are added or taken off such as reductions because of salary sacrifice schemes or an increase due to overtime or a bonus Basic Salary Tax Liability Basic salary is always taxable and should therefore not be more than 40 of the CTC
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Annual basic salary monthly basic salary X 12 months However there is no definite way to calculate the basic wage as it differs from company to company Ideally they use a reversed calculation method where a percentage of the salary and CTC is taken The basic pay is usually 40 of gross income or 50 of an individual s CTC How to calculate basic salary from pay scale To calculate the basic salary from a pay scale identify the grade pay and other components defined in the pay scale For example if the pay scale is 10 000 500 15 000 the basic salary starts at 10 000 and increments by 500 annually until it reaches 15 000
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