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FBP DECLARATION

Make entries in the Orange cells 101 Location : Utkarsh.V.Taparia only. Please read the details in Policy section of Bangalore Date Date of Joining

COMPENSATION DATA Annual compensation data as per compensation letter COMPONENT Basic Pay Conveyance Allowance PF Employer Contribution Flexible Benefit Pay (FBP) Medical & Personal Accident insurance Performance Bonus Total CTC Annual Amt (Rs) 117,804 9,600 14,136 152,964 10,500 20,000 325,004 FBP DECLARATION DATA FBP components HRA Medical reimbursement Fuel reimbursement Telephone, mobile, broadband reimbursement Books Leave Travel Allowance Special allowance* Total FBP Max Monthly Limit 4,909 1,250 1,500 1,000 750 1,227 Max Limit 58,908 15,000 18,000 12,000 9,000 14,724 Declaration Per Month 4,909 1,000 1,000 750 1,227 3,861

*Ensure the Special Allowance remains positive after allocation *Note - If the Medical, Fuel, Telephone, books, LTA bills are not submitted. The whole amount payable will be taxed ye

tails in Policy section of this document 14-06-2010 40,365

ON DATA

TION DATA Allocated amount 58,908 12,000 12,000 9,000 14,724 46,332 152,964 Tax applicable IT IT IT IT IT IT IT Tax rules
If you stay in a rented house and produce rent receipts then exemption is available If you produce medical bills then exemption is available If you produce fuel bills then exemption is available If you produce broadband or telephone bills then exemption is available If you produce books bills then exemption is available If you travel and produce bills then certain exemption is available Fully taxable under IT based on your tax slab

payable will be taxed year end.

ilable

Sample income tax sheet (indicative and as guidance only)


Enter your gender Enter actual rent paid per month, if any Indicate Metro/Non Metro city of residence Enter Housing loan interest, if any Enter total of svings under sec 80 C to 80U F Metro

Monthly Net Pay (excluding Performance Bonus)


Basic HRA Medical reimbursement Conveyance allowance Fuel reimbursement Telephone, mobile, broadband reimbursement Books Leave Travel Allowance Special allowance Total Gross Pay Professional Tax PF - employees contribution PF - employers contribution FBT deduction Net take home before TDS TDS Net pay 9,817.00 4,909.00 1,000.00 800.00 1,000.00 750.00 1,227.00 3,861.00 23,364.00 200.00 1,178.00 1,178.00 21,986.00 662.19 21,323.81

nd as guidance only)
TAX SAVINGS
Total income tax saved p.a Less: Additional Fringe Benefit tax paid p.a Net savings p.a 2,163.00 2,163.00

Annual Pay Calculations


Salary Performance bonus estimate for the year Less: HRA Conveyance allowance Medical reimbursement Profession Tax Taxable salary Less: Loss from house property Gross total income Less: Savings u/s 80 incl PF Taxable income Tax thereon Surcharge Cess Total income tax TDS per month Effective tax rate (%) 259,368.00 20,000.00 (11,780.40) 9,600.00 12,000.00 2,400.00 267,148.40 267,148.40 267,148.40 7,714.84 231.45 7,946.29 662.19 2.44

Maximum limits in INR/year


CTC Range upto 3 lakhs Fuel reimb & Vehicle maintenance reimb p.a Telephone reimb p.a Books p.a Medical p.a LTA p.a As taxable salary component in Special Allowance 12,000 12,000 9,000 3.01-5 18,000 12,000 9,000 5.01-10 36,000

18,000 12,000 15,000 Individuals to specify the limit - cannot be more than 12.5% of basic Balancing figure from total FBP

*Note - If the Medical, Fuel, Telephone, books, LTA bills are not submitted. The whole amount payable will be t

/year
10.01-15 60,000 30,000 15,000 15.1 and above 96,000 42,000 21,000 Tax Type impact IT IT IT IT IT IT

C Range

15,000 cannot be more than 12.5% of basic

ure from total FBP

The whole amount payable will be taxed year end.

FBP POLICY

FBP POLICY
FBP as an option is being introduced considering the following: Employees are required to work late at office to complete the projects on time or are required to stay back to take conference calls Employees are required to come to office on weekends also. Employees need to work from home to take conference calls or speak to clients in countries having significant time difference Employees need to constantly update themselves with the latest in the ERP world Keeping in mind the above, a part of your existing CTC called Flexible Benefit Pay (FBP) has been set apart towards reimbursement of fuel & vehicle maintenance bills, telephone & broadband bills and books of professional interest. The amount would be paid out monthly as a reimbursement on production of correct bills and hence would be outside the purview of income taxes. This change is effective 1st April, 2010 and will remain in force till 31st March, 2011. The amount is paid out monthly only on production of bills. If bills are not received before the cut off date of 20th of every month, the amount is not paid out. Such unpaid amount can be carried forward to following months till the end of financial year. Any unpaid amount at the end of financial year will be paid as Other Earnings only in March or at the time of separation, if that happens. The same would be subject to income tax as a regular salary component. General Rules for bills submission 1. Bills submitted cannot be older than 1st April, 2010. 2. Bills submitted cannot be for a period beyond the end of the last date of the financial year (31st March). 3. Any unclaimed amount in a month will be carried forward to next month and available for claim for subsequent months. 4. Bills should be in original. Copies, even if certified will not be entertained. Please keep a copy of the bill before you submit it for your records. 5. Collate all related bills together in a proper order, put them in a sealed envelope with a summary sheet giving the breakdown of claim bill-wise and put them in the drop box near HR at ITPL office before 20th of the month. Outstation teams can courier the same to HR in a bunch once a month specific details of couriering to be communicated. 6. The amount reimbursed will be the lower of "kitty accrued but not claimed till the payroll run" and the "bill amount being submitted". When the "bill amount being submitted" is more than claim amount, the excess amount in the bill cannot be carried forward. Telephone & Broadband reimbursement bills 1. Bills should be in the name of the employee only. There are no exceptions to this rule. 2. Only mobile, landline and broadband bills are accepted. 3. Please make the payment of such bills and then submit the claim. SOAIS is not responsible for payment of these bills to the vendors. SOAIS is not responsible for late payment charges and disconnections due to late payment. SOAIS only reimburses bill amount to the concerned employee. Medical reimbursements - limit of Rs 15,000 p.a 1. Only cost of medicines purchased are reimbursed. Toiletries, food and beverages even though purchased from a pharmacy will not be processed. 2. Bills can be in the name of non employed spouse, dependent children and dependent parents. Other bills are not accepted. 3. Doctor's fees and hospital charges for treatment of self, dependent employed spouse, dependent

Books 1. Expenses incurred for purchase of any book/CD dealing with professional interest, management, law, finance, current affairs are accepted. 2. Books/CDs on fiction, meant for children, comics not accepted. Fuel and vehicle maintenance bills 1. Bills to be in the name of the employee only. 2. Cost of routine maintenance and service charges of vehicles can be claimed. Capital expenses like purchase of music players, sun film, carpets etc are not acceptable.