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Salary Slip: Submitted As Part of Assignment For Corporate Tax Planning Student Name: Vaibhav Gunjal Roll No: P81117

1. The document is a salary slip for an employee named Vaibhav Gunjal with a cost to company of Rs. 780000. 2. The gross taxable salary is Rs. 488166.72 after accounting for non-taxable allowances such as house rent and medical reimbursements. 3. Based on the tax slabs, the tax amount is Rs. 28816.672, resulting in a net monthly salary of Rs. 34890.7773333333.

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245 views5 pages

Salary Slip: Submitted As Part of Assignment For Corporate Tax Planning Student Name: Vaibhav Gunjal Roll No: P81117

1. The document is a salary slip for an employee named Vaibhav Gunjal with a cost to company of Rs. 780000. 2. The gross taxable salary is Rs. 488166.72 after accounting for non-taxable allowances such as house rent and medical reimbursements. 3. Based on the tax slabs, the tax amount is Rs. 28816.672, resulting in a net monthly salary of Rs. 34890.7773333333.

Uploaded by

D'quor
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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SALARY SLIP

Submitted as part of Assignment for Corporate Tax planning


Student Name: Vaibhav Gunjal
Roll No: P81117
Cost to Company : 780000

Taxable
Sl no Component of salary Amount amount
Gross Salary Component
1 Basic Salary(40% of CTC) 318006 318006
2 Dearness allowance(12% of BS) 38160.72 38160.72
House Rent allowance(50% of BS for
3 metro city and 40% of BS for non- 159003 0
metro)
4 Conveyance Allowance 12000 2400
5 Overtime Allowance 12000 12000

6 Medical Reimbursements 20000 0

8 LTA/LTC 54000 0
Benefits
9 Telephone Allowance 7200 7200
Reimbursements(medical bills,phone
10 bills,magazine subscriptions,book 2400 2400
purchase)
11 Laptop 28000 28000
Subsidized meals(Rs.14 per working
12 3000 0
day)
Life insurance/Health Insurance( 1 Lkh
13 8000 0
coverage)
14 Incentives 30000 30000
15 Bonus 50000 50000
Total
16 Total Benefits 128600
17 Gross Salary 613169.72
18 Cost to Company 779930.44
Gross Taxable Salary(CTC-non taxable
19 488166.72
income)
21 Tax 28816.672
7 Contribution to PF(12% on BS) 38160.72
Professional Tax 2500
Total Deductions 69477.392
22 Net Salary(Gross Taxable Salary-Tax) 418689.328
24 Net Monthly Salary(net salary/12) 34890.7773333333
P

Remarks

ent
Fully taxable

Depends on company policy

Applicable if living in rented house

9600 p.a is exempted 18000-9600=8400

Fully taxable

If substantiated with bills, are exempt to a


limit of Rs 15,000 annually

Non taxable

Fully taxable

Fully taxable

Fully taxable

Non taxable

Non taxable

Fully taxable

Fully taxable
Tax Calculation for 488166.72
Slab % tax Amount
0-200000 nill 0 288166.72
200000-500000 10% 28816.672
500000-1000000 20% 0
above 1000000 30% 0
28816.672

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