2/26/2024 0 Comments Ctc invoice definition![]() Employer and employee together contribute to the contribution. Provident Fund-A portion of the salary gets deposited in the PF account of the employee.Special allowances- Some employers offer special allowances to adjust the amount of total CTC given to employees.Training, telephone, books and periodicals allowances- Many companies provide a separate portion of the CTC for incurring external training expenditures, mobile bill payments and the purchase of books/periodicals.This year the government has introduced an LTC cash voucher scheme that allows you to claim the benefit of LTA on purchasing goods or services as specified. An exemption is allowed for the travel fare subject to conditions as laid down in the act. Leave Travel Allowance-Some employers to provide a leave travel allowance as a part of their CTC.Usually, the exemption for medical allowance can be claimed for the medical expenses incurred for self, spouse, children and dependent family members. One can claim tax exemption against this allowance by submitting medical bills at intervals specified by the employer. Medical Allowance-This allowance is provided as a part of CTC.Conveyance Allowance– Allowance allowed for incurring the expenditure to travel from home to the workplace.HRA allowance is partially exempt as allowed under the income tax act. ![]() The HRA component offered is different for different cities, even by the same employer. It is provided as a part of the rent expenditure incurred by the employee for residence.
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