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[financelatestnews]

What is the Difference Between CTC, Take-Home, Net & Gross Salary?

The annual or monthly amount that an employee receives from the employer against services rendered to the company is called a salary. The income salary calculator takes into account multiple factors such as the tax bracket the employee falls under, work experience, skill set, location, demand and supply, and the nature of the profession.

Salary comprises multiple components such as CTC, take-home, net salary, and gross salary. When using a take home calculator, understanding these components can help job seekers make well-informed decisions in choosing an employer.

Armed with a salary calculator, they have more bargaining power to negotiate their salaries.  Let us go through each of these in detail.

Cost to Company (CTC)

The total expense that a company incurs for hiring an employee’s services is known as cost-to-company or CTC. All the components of a salary such as incentives (if any), medical insurance, provident fund, pension fund, gratuity, travel allowance, house rent allowance (HRA), and basic salary are included within the CTC.

The CTC is the combination of all direct and indirect benefits and is not the same as take-home salary. Given below are the components of a CTC. Please note that organizations may not provide all these benefits, but rather a combination of these depending on the organization’s policy, employee’s role and designation, nature of the organization, etc.

Basic Salary – This is the non-variable component of your salary and is considered a part of your in-hand salary.

Allowances – The amount that an employee receives from an employer to meet the requirements of daily service is known as the allowance. This differs from company to company.

House Rent Allowance (HRA) – An employee who rents his or her place of residence is paid this amount.

Leave Travel Allowance – When an employee travels for service purposes, the company pays this amount to meet the domestic travel expenses. This amount does not include the accommodation and food expenses of the employee.

Dearness Allowance – This amount enables employees to tackle the volatility of inflation. It is a living allowance that is paid to pensioners, private sector employees, and government employees only.

Fuel or Vehicle Allowance – In a financial year, an employee is eligible for this amount as reimbursement for the use of vehicle and fuel for official purposes.

Phone or Internet Allowance – A company may pay for the internet and phone bills of an employee up to a predetermined limit.

Employee Provident Fund (EPF) – This is a percentage of the basic salary component which is deducted from the employee’s salary and placed into his/her provident fund account. The employer too contributes some amount. The amount contributed by the employer is calculated within the CTC for the employee. 

Gratuity – A company deducts this amount from an employee’s salary. If the employee leaves the company after more than 5 years of service,  the lump sum amount is awarded to the employee in his/her full and final settlement. Some organizations may allow employees to get this benefit if they leave after 3 years of service.

Must Read: What is Minimum Salary Required For a Personal Loan?

Gross Salary

The total salary that is offered to the employee before deductions is known as the gross salary. It is also known as the Savings Contributions.

Gross salary comprises all the components of CTC except gratuity, Superannuation Benefits, and the EPF. The following CTC components are a part of the gross salary –

Basic salary

Leave Travel Allowance

Educational Allowance

House Rent Allowance

Dearness Allowance

Conveyance Allowance

Travel, leave, and medical allowance

Overtime payment

Accommodation rent

Salary arrears

Performance-related monetary awards

Remuneration fee

City Compensatory Allowance (if any)

Office refreshments and reimbursements for food, travel, and other business trip expenses are not included in the Gross Salary.

Take Home or Net Salary

When we are trying to calculate in hand salary, we have to keep the following in mind - the definite salary that an employee gets in-hand after all deductions including income tax is known as the net salary or take-home salary. It is the salary that an employee gets after income taxes, professional taxes, gratuity, provident fund, EPF, etc. are deducted from the gross salary.

Depending on the tax slab applicable, if the income tax on the gross salary is zero, take home salary is the same as the net salary.  While using an eligibility calculator, an applicant should enter the monthly take-home salary amount to get accurate estimates of the maximum loan they can get.

Must Read: How Much Personal Loan Can I Get On My Salary?

Understanding the Differences Between the Salary Components

When using an annual income calculator, understanding the fundamental differences between in-hand salary and CTC can help job seekers negotiate salaries to their advantage.

CTC is the total of saving contributions, indirect benefits, and direct benefits. The net salary is direct benefits after all the deductions such as income tax, employee PF, etc.

When negotiating new salaries, informed job seekers try to increase the direct benefit component of their CTC. For example, they try to convert transportation, an indirect benefit, into conveyance allowance, a direct benefit.

Similarly, subsidised meals, which are indirect benefits, can be converted into food allowance, which is a direct benefit.

Conveyance allowance is non-taxable up to a certain limit. House rent allowance also offers tax rebates. Either of these options is a better alternative to, say, a pick-and-drop facility.

The tax liability of prerequisites and allowances vary across companies. Therefore, one should know the company policy of a new employer before accepting an offer. This will enable them to make better use of CTC to take home calculators.

We hope that this article has helped broaden your understanding. At Fullerton India, we offer a host of attractive financial products such as an instant personal loan online. If you are looking for a personal loan, visit our website or download the Fullerton India Instaloan app today.

Using our personal loan EMI calculator, you can determine the best tenure to select so that the resulting EMI is easy on your monthly budget.

Source: https://www.smfgindiacredit.com/knowledge-center/difference-between-ctc-take-home-net-gross-salary.aspx

#home loan #personal loan

[loanagainstrentreceivable]

minimum loan amount under loan against rent receivables

Age Limit of Self –Employed Individuals - 24 to 60• Your commercial property must be rented out & receiving regular rent• Property must be build following local government authority guidelines• Must done proper rent or lease agreementNote: - As a minimum loan amount you can avail 25 lacs to maximum loan amount of 200 Cr.Eligibility Criteria for Self-Employed Individuals

Loan Against Rent Receivable @8.75% Onwards If you own a commercial property in any prominent locality, enjoy the benefit of future rentals today itself. We are at your assistance offering loan against rent receivables. Loan against Rent Receivables is a loan that can be used in lieu of a Personal Loan for improving the conditions of the property in question. What you mean by Loan against rent receivable Eligibility Criteria? Have you rented your commercial property & looking to avail loan. Let your worry be aside, Loan against rent receivable allow you to get 50% - 60% of commercial property value as a loan amount. Minimal documentations are required which allow you to get hassle free loan. Loan against rent receivable Eligibility Criteria

Eligibility Criteria depends on various factors like age of individual, repayment history, business sales/turnover, total work experience & Creditworthiness ...etc.

Eligibility Criteria for Self-Employed Individuals

Age Limit of Self –Employed Individuals - 24 to 60

• Your commercial property must be rented out & receiving regular rent

• Property must be build following local government authority guidelines

• Must done proper rent or lease agreement

Note: - As a minimum loan amount you can avail 25 lacs to maximum loan amount of 200 Cr.

What are the factors generally affecting Loan against rent receivable Eligibility Criteria? There are few factors that generally affects Eligibility Criteria as given below: - Applicant age: - If you are 30 years old at the time of getting loan then you have enough time period to pay back the loan as your working days will be longer. But if you are near to your retirement age then you lose lowering your eligibility as you working days are very less to repay loan amount, hence lender will not prefer you give approval for loan.

Lower Income: - Your income indicates your repayment capacity. If you already having existing loan then, debt to income ratio will calculated by lender that you have enough capacity to repay another loan or not. So, it might lower chances.

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[stepmoond]

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[transjoyblog]

The Many Astonishing Ways Abuse Can Affect Your Money

Photo by Darío Martínez-Batlle on Unsplash

People will use money, and your need of it, to manipulate you in various ways. Some are relatively harmless, and extremely common i.e. an otherwise neglectful parent buying their child lunch to get some time with them. However, some are more nefarious, and insidious. Here are a few common tactics people regularly use to control you financially:

Manipulation- This category is comprised of various types of manipulation including emotional appeal, constant desperation, and the use of younger siblings/dependent adults i.e. grandma against you.

Most everyone has been on the receiving end of an emotional appeal before. We use this to declare our love for each other, ask someone we have hurt for forgiveness, and so many other very positive interactions. But emotional appeal is also regularly used to try to influence a reluctant person to continue offering support with which they have become uncomfortable. A common use of emotional manipulation is for the dependent person to respond with an outburst of anger when support is threatened. They may genuinely feel that they have a right to be angry, and that may in fact be true, but that doesn't change the fact that the person providing support also has a right to their feelings, and ultimately, to their own time, energy, and money.

Another type of tactic that is very similar and often used in conjunction with emotional appeal, is for the person receiving support to be in a constant state of desperation. This person will often come to you at the end of the month to say, "Can I just borrow a couple hundred to get us through the month? I'll pay you pack the second I get paid." This is essentially asking for a payday loan from you, which we all know, is just a cycle of debt that actually benefits no one. This type of manipulation can be difficult to extract yourself from because there is probably a genuine need. However, it is ridiculous to expect anyone to loan you money on a frequent basis. If you cannot support your lifestyle on your own, reduce your lifestyle to the best of your ability.

If you have dependent family members, constant desperation becomes all that more effective. If grandma is on a fixed income, and Timmy is only 12 years old, they come with fixed expenses. Anyone knows this. And therefore, anyone should be able to plan for these expenses. If you are not living in the home, you are not responsible for grandma, or baby brother. I know this sounds harsh, and if the need is true, you can always offer other material support such as taking baby brother school clothes shopping, or asking only grandma what she might need from the store. But you do not need to provide money to people who may or may not be spending it in the way that they say they are.

Use of access to credit- Directly taking money out of an account they have access to, taking out a credit card in your name (or a joint one, if married) and using it indiscriminately or without permission.

My father was a big fan of this type of control. By the time my mother left him after 8 years of abuse, he had taken out something like 13 joint credit cards and run them all up to the limit. Not to mention all of the cards he took out in only his name or my mother's. He used my mother's maiden name and social security number to take out cards without her knowledge. He then chose to reveal the existence of these cards in moments when my mother was seriously considering leaving, claiming that if she left she would have nowhere to go because he had ruined her credit. This is obviously abusive behavior and should not be tolerated in any relationship, whether that is a relationship between adults, or a parent/child relationship. If you find yourself in a situation even close to this one, I highly recommend contacting the National Foundation for Credit Counseling (nfcc.org), as they may be able to provide concrete guidance on how to challenge behaviors like these in court.

Another form of manipulation could be pressuring you to take out a card and let someone else use it. This has actually happened to someone I know. Their parents put a lot of pressure on this person, basically the minute they turned 18, to take out a credit card in their name and let the parents use it, and pay it off. Or so they said. Ultimately, they were not able to make the payments on it, even the minimums, and destroyed this child's credit. The parents also convinced this child to take out payday loans in this child's name, and then just "loan" them the money. Please do not fall for this. This is manipulation, pure and simple. No reasonable person asks another to take out a loan for them, regardless of if you can afford it, or if they'll pay you back right away. Forget it. Any money loaned out is not a loan. You should be comfortable with the concept of never seeing that money back, and it should be an amount of money that you can afford to never see again. Regardless of how close you are, if not getting paid back would ruin your relationship with this person, you cannot afford to lend them money.

Monitoring- Keeping track of how you spend money, not allowing you a say in the family finances, or being cagey with their personal finances, while expecting you to be completely forthright with yours, usually perpetrated under the guise of "handling the finances", are all tactics that many people in long term relationships use to control their partner(s) or sometimes parents use to control their young adult children. This behavior can usually be spotted early on in the relationship.

1. Do they check up on you when they know you have other things to do?

2. Do they expect an unreasonable level of communication?

3. Do they ask to move in together pretty quickly? (This can be a tactic to more fully control your environment, or to begin the process of isolation, or dependence.)

4. Do they regularly ask for small sums of money, and always pay you back? (This can be a way to warm you up to the idea of giving them access to your accounts, or to loaning them large sums of money, which they will likely never pay back.)

5. Have they asked to share bills or accounts early on in the relationship, or before you have moved in together? (This could be a dependence or control tactic, because if they are on the account they are entitled to control and monitoring of the account, whether that is a cell phone bill, or a bank account.)

This is just a small selection of the types of questions that could come up as you negotiate the financial terms of your long term relationships. There are tons of questions that pertain to specific situations, people, and relationships. A great rule of thumb is to ask yourself whether you can communicate regularly, openly, and safely about your feelings with this person. If you do not have solid communication, trust, and safety with any person, they do not deserve access to or control of your financial life.

"Losing ambition" or other types of dependence- This can best be described as someone depending on your money while refusing to work when otherwise able - and this one comes with a huge caveat. Many people are truly dependent, and truly cannot work or find work for reasons beyond their control. But this needs to be communicated. Usually, the people who use dependence as a tactic to control you do not keep a regular conversation about finances going because that would reveal the extent of their use and abuse. My fiancee is pretty much entirely dependent on my income due to a chronic illness. I do not resent this because we have had tons and tons of conversations about our finances, and she has her own money and bank account. She contributes as best she can around the house, and constantly has ambitions of making her own money. She even buys me dinner sometimes. She is still driven and ambitious, it has just had to change in scope and degree from where she was before she was ill. That being said, refusing to work, find work, or otherwise contribute around the house can be a way to manipulate you into continuing to take care of someone. Keeping themselves dependent on you can make you second guess your desire to leave because "What would happen to them, they aren't working, I'm the only one paying the rent, where would they go?" This is a spiral that they want you to have because as long as they have nothing, you have to stay with them. The way to deal with this behavior is to do your best to sit with them and discuss their goals, what plans they have of achieving them, and how you and your money fit into that picture. Both parties should come to an agreement that feels ok for both parties. This will not feel good, do not expect it to. But this plan should offer both of you some level of psychological relief, and guidance on what the next steps could be for the dependent person. If someone is resistant to making substantive change in themselves and their lives, when they are otherwise completely capable of doing so, you do not need to feel responsible for their life, even if they do not feel responsible for it themselves. At this point you are forced to accept that this person is resistant to change right now, and will probably continue their pattern of behavior and manipulation regardless of anything you may or may not do. So, it would be in your best interest to distance yourself from the dependent person as much as possible. Ultimately, I encourage everyone to seek the professional help of a therapist, psychologist, or psychiatrist whenever possible. It always helps to have an objective lens through which to view a difficult situation such as manipulation or abuse.

Actionable Advice:

1. If you take nothing else from this article, always remember the 3 C's: Consent Communication Consideration. - Every partner in any relationship has a right to these three C's.

2. Protect yourself - we are raised to extend our trust, love, and vulnerability to the people who are closest to us, but this does not take into account the reality of toxic relationships and family members.

3. Educate yourself - Continue to advance your knowledge of personal finance and relationships. None of us are perfect. We all have gaps in our understanding, especially when it comes to interpersonal relationships, and getting along with others. Kindergarten can't teach us everything.

#personal finance #family finances #relationship #family #educateyourself

[socialistsquirrel]

Reforming student finance: Looking beyond scrapping tuition fees

Every Labour leadership contender has backed the scrapping of tuition fees, which is great, and is absolutely the correct policy. Most other developed nations manage to have free higher education, so why not the UK as well? If we can afford to bail the banks out, build HS2 and a bridge from Scotland to Northern Ireland, then surely we can afford to cover the cost of higher education for all. However, although the debt is somewhat off putting for many potential university students and so some will opt not to go at all, there is a cost that has a larger more practical impact. The absolute maximum a student living away from home outside of London can receive in a maintenance loan is £8,944. That amount is only for students whose household income is £25,000 or under, and so for every household income band above that, the figure students can receive goes down and down and down. The household income figure is usually based on the student’s parents’ income, if the student is under 25. This student maintenance would only not be based on the income of the student’s parents if they are categorised as an ‘independent student’. In order to be categorised as such, they would either have to have been supporting themselves financially for at least three years, be estranged from their parents, be married or in a civil partnership or have no living parents. So unless a student would go to the drastic measure of killing off their parents or marrying their best mate in order to get full maintenance, they’re a bit stuck.  However, what happens in most cases is students don’t receive the maximum loan - if a student comes from a two parent household, the household income is likely to be in the £40,000s, which leaves the student with between £6,000 and £7,000 to live on.  The reason why SFE sets the bands up in the way it has is it assumes students outside of London living independently will be able to live on £8,944. It then assumes that someone who comes from a household where the income is £25,000 or less will not be able to contribute towards their adult son or daughter at university. The next assumption is that as household incomes go up, their parents are willing and able to make up the difference so the student will still have that £8,944 to live on. There are clearly a lot of problems with the assumptions that SFE make and the information it uses to make these assumptions. It assumes that £8,944 is enough to live on. In some university towns/cities it probably is okay. But that’s only if the rent is cheap in the town/city (e.g. somewhere like Middlesbrough, Hull, Sunderland), the student can get a contract that only lasts the length of the academic year (or near enough) so they’re not paying for 3 months rent during the summer when they’re not there and they don’t have to pay board to their parents during the holidays The next wrong assumption is parents will make up the difference. The way SFE works out how much maintenance to give a student is purely income, not disposable income. For example, consider two students with two sets of parents both with household incomes of £40,000.  Both students will receive £7,019 for the year. Student A is an only child whose parents have already paid their mortgage off and they can afford to top their son/daughter’s maintenance up by an additional £3,000 a year. Student B has two younger siblings still at school and their parents are renting in London (SFE only takes into account where the student will be studying, not where the parents live). Student B’s parents can only contribute a little extra top-up here and there. This is far from hypothetical. My parents couldn’t afford to top me up to the full amount, but I was very lucky in that I only went to university in cheap cities and always got shorter rent contracts, so I managed. However, a student who was on my course dropped out purely because of financial reasons. Her parents were on high incomes, so she was in one of the lowest bands for student finance. However, she was also one of quite a few children (and one of the oldest) and her parents had very high mortgage repayments. Although I was in a more middle band, her parents could barely afford to top her up at all so she had far less than me to live on. We were going to live together for a placement year in a more expensive city, until she realised she literally could not afford to live there. She left our course and changed to a course without the placement year. “But you can get a job!” I hear some older people who went to university for free yell in the distance. Working while at university can be great for some people, it can help build their CV, it can help them get work experience, it can help them build skills. Getting a job whilst studying can be a really positive decision for some students. However, it shouldn’t be a choice that students are forced to make for financial reasons so they can afford to eat and pay the rent - student finance should cover that. Students who work on average receive lower grades than those who don’t work. If a student genuinely wants to work and thinks it will be beneficial to them beyond the financial, and so would be happy with getting a 2:1 at the end instead of scraping a 1:1, then that’s fine, but a student’s grades shouldn’t have to suffer because they needed to work.  To add to that, for some courses working really is not practical - courses with virtually full-time contact hours where they still have reading and assignments to do when they’re not physically in lectures/tutorials/labs. If they want to be able to attend university, complete all their reading and assignments and also occasionally sleep, there probably isn’t much time to get a job as well. Students with work placements also won’t have much time to hold down paid employment as well. Imagine a medical student working for free on placement at least 9-5 most days, slotting  university contact hours in and also ensuring they are read up on what they are meant to be, then also trying to work part-time alongside all of that for extra cash. It’s just not feasible, to the extent that many universities have banned students from taking on paid part-time jobs on some courses (e.g. medicine, nursing, veterinary) and Cambridge strongly advises against all students taking on part-time jobs during term time because terms are so intense - the argument from them being you’re not at university to work, you’re there to study. What the Labour leadership candidates need to do is look beyond just the scrapping of tuition fees and to the student finance system as a whole. Students are being let down once they are at university - it’s not the tuition fees that make it unaffordable for some, it’s the cost of living and SFE’s inability to cover that. Whether it’s a loan or a grant, or a mixture of the two, all students should receive a minimum which covers the cost of living. If wealthier parents then want to top it up, or students still want to take on part-time work, then so be it, but that finance should enable students to actually study.

#labour leadership #labour leadership election #rebecca long-bailey #keir starmer #lisa nandy #tuition fees #scrapping tuition fees #abolishing tuition fees #student finance #student finance england #sfe #university #higher education #higher education funding #education #uk politics #politics

[financesevadelhi]

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[waredot0]

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[stepmoond]

If you own a commercial property in any prominent locality, enjoy the benefit of future rentals today itself. We are at your assistance offering loan against rent receivables. Loan against Rent Receivables is a loan that can be used in lieu of a Personal Loan for improving the conditions of the property in question.

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