Pay divided by 12
I heard recently from a friend that a company offered the candidate 36lpa and there is no pf cut or anything. 36/12 = 3 lakhs would be monthly in-hand directly. It's a startup and recently got registered in India so benefits would take some time to reflect. And equity yet to be decided. Has anyone heard of such things? Does any company pay the whole compensation/12?
From what I've heard, it's not mandatory to register for EPF until you have a certain number of employees (15/20 something). Is this a seed stage startup?
Createlife
Stealth
a year ago
Yes. Once they have 10 employees they would start doing that.
But the thing is once they start cutting off pf and other things, in-hand wouldn't be 3l per month right?
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This happens in my company too. We get the entire salary in hand, need to pay tax ourselves. Catch is, everyone is a contractor on paper and not an employee. Helps me save shitloads in taxes under presumptive tax.
Higher_modulation
Stealth
a year ago
My first question is would the bloody salary come on time?
WebMaster69
Stealth
a year ago
Must need to pay income tax, though there are several benefit of this than TDS like he can register himself a business for tax calculation or use 44ADA and pay tax on half salary.
Yes, I have a simar pay structure, unlike what you might have heard, there are situations where a company need not deduct TDS
Ya i work for a US company as contractor
And with this opportunity you can save good money in taxes if you are filing ITR for less than 50 lacs
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dukhdardpeeda
Stealth
a year ago
Yes that's real!
