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Createlife
Createlife
Stealth

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?

19mo ago
MichaelScottPaperCo
MichaelScottPaperCo
Fintech Startup19mo

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
Createlife
Stealth19mo

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?

potatomato
potatomato
Fintech Startup19mo

Tax wale anna: no

Varun
Varun
Dell19mo

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.

Varun
Varun
Dell19mo

Also known as 44A or something

therealpj
therealpj
JP Morgan19mo

referral possible?

Elon_Musk
Elon_Musk
X.com19mo

Tds will be cut as mandated by law.

BugsCreator007
BugsCreator007
Startup19mo

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

WeirdNick47
WeirdNick47
Eureka Forbes Limited19mo

Now limit raised to 75 Lakh.

BugsCreator007
BugsCreator007
Startup19mo

yaa from FY 23-24

LonelyBoon76
LonelyBoon76
EY19mo

No, pre tax will be about 50 LPA, then it’s around 36 LPA in hand

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