Indirect Benefits: Benefits also called Perquisites in legal Indian government terms that an employee enjoys without paying for them. The company takes care of these however they are added to the monetary value to an employees CTC since it is an expense for the company.
Here are a few ways: Ask for conveyance allowances rather than a pick-up or drop facility, since this is tax -free. Ask for food allowance and the option to convert your subsidized food bills to it. In case the company is offering ESI benefits, ask if the health cover can be converted into into medical reimbursements.
Ask for health cover for family members. Latest Blog. Unleash the true potential of your workforce. See Darwinbox in Action. It is the amount that you get before deduction of income taxes and other deduction such as bonus, overtime pay, holiday pay etc. Net Salary or Take Home Salary: As the name suggests, take home salary is the amounted that gets credited to your salary account every month.
It's given by the employer after deducting taxes and other deductions such as public provident fund, professional tax subtraction etc. What is salary income? The income received by an employee from an employer in cash, kind or as a facility is considered as salary. What are allowances? Allowances are fixed periodic amounts, apart from salary, which are paid by an employer to the employee. 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.
However, it should also not be kept too low since it will then result in a reduction in the other constituents of the salary.
Usually, employees at a junior level will have a higher amount of basic salary compared to senior-level employees. If an employee has a high basic salary, he or she will have to pay tax on it. What is ESI? Products IT. About us Help Center.
Log In Sign Up. Home Income Tax Salary Calculator. We made only mandatory PF deductions. We have calculated employee insurance premium for an assured amount of Rs 5 lakh. The users either can edit the existing deductions, or they can enter the additional deductions.
What is Salary? What is a Salary Calculator? How does salary calculators work? How to use the ClearTax Salary Calculator? The ClearTax Salary Calculator shows you the take-home salary in seconds. Enter the bonus included in the CTC as a percentage or amount.
The ClearTax Salary Calculator will show you the performance bonus and the total gross pay. It will also display the professional tax, employer PF, employee PF, Employee insurance, and the take-home salary. The calculator shows the changes in salary structure if you get a bonus. You get to know the benefits under a new compensation package. The ClearTax Salary Calculator shows you the various components of your salary. The ClearTax Salary Calculator calculates the take-home salary based on whether the bonus is a fixed amount or a percentage of the CTC.
If you enter the bonus as a percentage of the CTC, the calculator will calculate the performance bonus as a percentage of the cost to the company.
If you enter a fixed amount, the calculator considers this figure as the performance bonus.
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