I have joined a company where they have offered me CTC 3,77,400/-
with the following bifurcations.
1 Basic Salary 15,550/-
2 HRA 7,775/-
3 Medical allowance 1,250/-
4 Conveyance 1,600/-
5 Transport allowance 1,200/-
6 Food allowance 1,150/-
7 Other allowance 2,925/-
-----------------------------------------------------------------------
Take home salary 31250 with the only deduction of PT 200.
Please do tell me is it correct also they dont have the option for PF as they told that Basic salary above 15000/- has the option to Opt- out PF/ also they dont have any gratuity deduction.
Would also like to ask is conveyance allowance and Transport allowance different ?
Please do help me out.
Regards,
From India, Mumbai
with the following bifurcations.
1 Basic Salary 15,550/-
2 HRA 7,775/-
3 Medical allowance 1,250/-
4 Conveyance 1,600/-
5 Transport allowance 1,200/-
6 Food allowance 1,150/-
7 Other allowance 2,925/-
-----------------------------------------------------------------------
Take home salary 31250 with the only deduction of PT 200.
Please do tell me is it correct also they dont have the option for PF as they told that Basic salary above 15000/- has the option to Opt- out PF/ also they dont have any gratuity deduction.
Would also like to ask is conveyance allowance and Transport allowance different ?
Please do help me out.
Regards,
From India, Mumbai
I have joined a company where they have offered me CTC 3,77,400/-
with the following bifurcations.
1 Basic Salary 15,550/-
2 HRA 7,775/-
3 Medical allowance 1,250/-
4 Conveyance 1,600/-
5 Transport allowance 1,200/-
6 Food allowance 1,150/-
7 Other allowance 2,925/-
-----------------------------------------------------------------------
Take home salary 31250 with the only deduction of PT 200.
Please do tell me is it correct also they dont have the option for PF as they told that Basic salary above 15000/- has the option to Opt- out PF/ also they dont have any gratuity deduction.
Would also like to ask is conveyance allowance and Transport allowance different ?
Please do help me out.
Regards,
Today From India, Mumbai
From India, Mumbai
with the following bifurcations.
1 Basic Salary 15,550/-
2 HRA 7,775/-
3 Medical allowance 1,250/-
4 Conveyance 1,600/-
5 Transport allowance 1,200/-
6 Food allowance 1,150/-
7 Other allowance 2,925/-
-----------------------------------------------------------------------
Take home salary 31250 with the only deduction of PT 200.
Please do tell me is it correct also they dont have the option for PF as they told that Basic salary above 15000/- has the option to Opt- out PF/ also they dont have any gratuity deduction.
Would also like to ask is conveyance allowance and Transport allowance different ?
Please do help me out.
Regards,
Today From India, Mumbai
From India, Mumbai
1. Regarding PF: The Opting Out Facility is only available if the employee is not a member of PF in his/her previous organization. If you already have PF and you have not withdrawn it, you can't opt out from PF even if you get salary more than Rs. 15,000. For that, they should get written confirmation from you stating that you are not a previous member of PF and you are willing to Opting Out. If this doesn't happen and the employer is simply doing this practice only to evade PF contribution, then it is an offense and during PF inspection, it will be penalized.
2. As per Income Tax Act, Both Conveyance and Transport Allowance has same meaning. As per IT Act, Maximum amount of Conveyance/Transport Allowance exempted is Rs. 1,600 per month.
From India, Chennai
1002. As per Income Tax Act, Both Conveyance and Transport Allowance has same meaning. As per IT Act, Maximum amount of Conveyance/Transport Allowance exempted is Rs. 1,600 per month.
From India, Chennai
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