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How can I calculate my current CTC?

How ctc will calculate petrol,mobile phone expenses,hra etc.,?

  • is there any % for petrol expense,phone charges ,house rent alllowence etc.,

  • Answer:

    No there arent any fixed percentages. For Income tax point of view, petrol, phone charges etc are reimbursements and not income and hence not taxable. HRA you can get maximum exemption of 50% of basic for non-metro city and 60% for metro city. Hope it clarifiies your query.

prasad g at Yahoo! Answers Visit the source

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HRA - it is not 50% and 60% - it is 40% of your basic if it is non-metro and 50% if it is one of 4 metros. As mentioned by Mehul above, Phone bills, Fuel etc are never fixed - these are company specific - some have this facility; some do not and whichever have this have defined their own limits. This comes under FBT where Company bears the tax for what you submit bills for. PS: Whatever company gives you, utilize it in toto.

Prasanth

For deductible salary allowances, read Income From Salary http://mytaxes.in/index.php?topic=17.0

Jss

CTC means cost to company.Ur employer can always keep track when u claim reimbursement of such exp.Some employers simply give these amounts and obtain receipts from the employees that they have actually spent this amount.

rktrinagar

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