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Cost To Company
Cost to company (CTC) is a term for the total salary package of an employee, used in countries such as India and South Africa. It indicates the total amount of expenses a company (organisation) spends on an employee during one year. It is calculated by adding salary to the cost of all additional benefits an employee receives during the service period. If an employee's salary is £50,000 and the company pays an additional £5,000 for their health insurance, the CTC is £55,000. Employees may not directly receive the CTC amount.c Difference between CTC and pay slips CTC can include many elements in addition to salary/wages, such as healthcare, pension, and allowances for housing, travel and entertainment. Tax is also withheld from the cash amount the employee receives directly. The term CTC is used by companies to more accurately reflect the incremental spend per employee (the concept of direct costs) from the perspective of an organisation. Another way to look at CTC is: all the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Salary Packaging
Salary packaging (also known as salary sacrifice or salary exchange) is the inclusion of employee benefits (also called fringe benefits) in an employee remuneration package in exchange for giving up part of monetary salary. Such arrangements are entered into most commonly if there are tax or other benefits to be derived by the employer or employee from the arrangement. Salary sacrifice in the United Kingdom In the United Kingdom, employee benefits commonly included in salary sacrifice arrangements are pension contributions, childcare vouchers, and annual leave. If correctly structured, the arrangement can benefit both parties as it saves them both NI contributions as well as save the employee income tax. Salary sacrifice can be extended to any range of benefits and has become increasingly popular in the public sector as well as for transport-related benefits e.g. cycles, bus travel, low CO2 emission cars through a car scheme, and more recently in 2020 vehicle maintenance. Salary ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Expenses
An expense is an item requiring an outflow of money, or any form of fortune in general, to another person or group as payment for an item, service, or other category of costs. For a tenant, rent is an expense. For students or parents, tuition is an expense. Buying food, clothing, furniture, or an automobile is often referred to as an expense. An expense is a cost that is "paid" or " remitted", usually in exchange for something of value. Something that seems to cost a great deal is "expensive". Something that seems to cost little is "inexpensive". "Expenses of the table" are expenses for dining, refreshments, a feast, etc. In accounting, ''expense'' is any specific outflow of cash or other valuable assets from a person or company to another person or company. This outflow is generally one side of a trade for products or services that have equal or better current or future value to the buyer than to the seller. Technically, an expense is an event in which a proprietary stake is di ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Withholding
Tax withholding, also known as tax retention, pay-as-you-earn tax or tax deduction at source, is income tax paid to the government by the payer of the income rather than by the recipient of the income. The tax is thus withheld or deducted from the income due to the recipient. In most jurisdictions, tax withholding applies to employment income. Many jurisdictions also require withholding taxes on payments of interest or dividends. In most jurisdictions, there are additional tax withholding obligations if the recipient of the income is resident in a different jurisdiction, and in those circumstances withholding tax sometimes applies to royalties, rent or even the sale of real estate. Governments use tax withholding as a means to combat tax evasion, and sometimes impose additional tax withholding requirements if the recipient has been delinquent in filing tax returns, or in industries where tax evasion is perceived to be common. Typically, the withheld tax is treated as a payment on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Provident Fund
Provident fund is another name for pension fund. Its purpose is to provide employees with lump sum payments at the time of exit from their place of employment. This differs from pension funds, which have elements of both lump sum as well as monthly pension payments. As far as differences between gratuity and provident funds are concerned, although both types involve lump sum payments at the end of employment, the former operates as a defined benefit plan, while the latter is a defined contribution plan. Specific provident funds include: * Employees' Provident Fund Organisation, India's statutory retirement plan * Mandatory Provident Fund, Hong Kong's retirement plan * Central Provident Fund, Singapore's retirement plan * Employees Provident Fund (Malaysia), Malaysia's retirement plan * Employees Provident Fund (Nepal), Nepal's retirement Plan * Central Provident Fund (South Africa), a retirement trust * Instituto del Fondo Nacional de la Vivienda para los Trabajadores, Mexico's ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Professional Tax
Profession tax is the tax levied and collected by the state governments in India. It is a direct tax. A person earning an income from salary or anyone practicing a profession such as chartered accountant, company secretary, cost accountant, Software Engineer, lawyer, doctor etc. are required to pay this professional tax. Different states have different rates and methods of collection. In India, profession tax is imposed every month. However, not all states impose this tax. The states which impose professional tax are Karnataka, Bihar, West Bengal, Andhra Pradesh, Telangana, Maharashtra, Tamil Nadu, Gujarat, Assam, Kerala, Meghalaya, Odisha, Tripura, Madhya Pradesh, Jharkhand, Sikkim and Mizoram. Business owners, working individuals, merchants and people carrying out various occupations come under the purview of this tax. Profession tax is levied and collected by the Commercial Taxes Department of State Governments, in some states by particular Municipal Corporations and majority o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lakhs
A lakh (; abbreviated L; sometimes written lac) is a unit in the Indian numbering system equal to one hundred thousand (100,000; scientific notation: 105). In the Indian 2, 2, 3 convention of digit grouping, it is written as 1,00,000. For example, in India, 150,000 rupees becomes 1.5 ''lakh'' rupees, written as 1,50,000 or INR 1,50,000. It is widely used both in official and other contexts in Afghanistan, Bangladesh, Bhutan, India, Myanmar, Nepal, Pakistan, and Sri Lanka. It is often used in Bangladeshi, Indian, Pakistani, and Sri Lankan English. Usage In Indian English, the word is used both as an attributive and non-attributive noun with either an unmarked or marked ("-s") plural, respectively. For example: "1 ''lakh'' people"; "''lakhs'' of people"; "20 ''lakh'' rupees"; "''lakhs'' of rupees". In the abbreviated form, usage such as "5L" or "5 lac" (for "5 ''lakh'' rupees") is common. In this system of numeration, 100 ''lakh'' is called one ''crore'' and is equal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Employment
Employment is a relationship between two party (law), parties Regulation, regulating the provision of paid Labour (human activity), labour services. Usually based on a employment contract, contract, one party, the employer, which might be a corporation, a not-for-profit organization, a co-operative, or any other entity, pays the other, the employee, in return for carrying out assigned work. Employees work in return for wage, wages, which can be paid on the basis of an hourly rate, by piecework or an annual salary, depending on the type of work an employee does, the prevailing conditions of the sector and the bargaining power between the parties. Employees in some sectors may receive gratuity, gratuities, bonus payments or employee stock option, stock options. In some types of employment, employees may receive benefits in addition to payment. Benefits may include health insurance, housing, and disability insurance. Employment is typically governed by Labour law, employment laws, o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
