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Assignment 1

The document calculates components of a salary slip like fixed and variable CTC, basic, HRA, DA, insurance, incentives, PF, earned leaves, LOP and generates a final salary slip. It breaks down the components and calculates the gross salary and deductions to arrive at the net salary.

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215 views2 pages

Assignment 1

The document calculates components of a salary slip like fixed and variable CTC, basic, HRA, DA, insurance, incentives, PF, earned leaves, LOP and generates a final salary slip. It breaks down the components and calculates the gross salary and deductions to arrive at the net salary.

Uploaded by

adi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Assignment -1

Name – Aditya Karokar


Break down the CTC into fixed and variable components based on the given ratio of 70:30.
The fixed component will be 70% of the CTC, and the variable component will be 30% of the
CTC.
Fixed Component: 70% of 18L/12 = Rs. 105000
Variable Component: 30% of 18L/12 = Rs. 45000

Calculate the Basic, HRA, DA, Insurance, and Incentive components based on their
respective percentages.
Basic: 50% of Rs. 10,50,000 = Rs. 52500
HRA: 20% of Rs. 52500 = Rs. 10500
DA: 12% of Rs. 52500 = Rs. 6300
Insurance: Rs. 2500 (fixed component)
Incentive: 75% of target completion (variable component) = 75% of Rs. 45000 = Rs 33750

Calculate the Gross Salary by adding up the Basic, HRA, DA, Insurance, and Incentive
components.
Gross Salary: Rs. 52500 + Rs. 10500 + Rs. 6300 + Rs. 2500 + Rs 33750 = Rs 1,05,550/-

Calculate the Deductions, which include PF, earned leaves, and LOP.
PF: 12% of Basic = 12% of Rs. 52500 = Rs. 6300/-
Earned Leaves: 2 (number of days)

Earned Leaves = (Basic + HRA + DA) / 23 * Number of Earned Leave Days

= ((52500 + 10500 + 6300) / 26) * 2

= Rs 5330.77/-

LOP: 4 (number of days)

LOP = (Basic / 31) * Number of LOP Days

= (52500 / 31) * 4

= Rs 6774.19/-
Salary Slip
Name Employee ID Designation Month/Year
XYZ 12345 Manager March/2023

Earnings Amount (INR)


Basic Rs 52,500/-
HRA Rs 10,500/-
DA Rs 6,300/-
Insurance Rs 2,500/-
Incentives Rs 33,750/-

Deductions Amount (INR)


PF Rs 6,300/-
Earned Leaves Rs 5330.77/-
LOP Rs 6774.19/-

Gross Salary Deductions (INR) Net Salary (INR)


Rs 1,05,550/- Rs 18,404.96/- Rs 87145.04/-

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