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Queries on earnings

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tbnag
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Posts: 64
Joined: Sat Nov 06, 2010 5:11 pm
Location: London
India

Queries on earnings

Post by tbnag » Sat Nov 20, 2010 10:50 am

Hi All,

I am going to apply for Tier1 Genaral Visa in Dec. Kindly provide answers to below queries--

1.In the self assessment application form in Earnings section,it asks for the exchange rate.Can any tell me what is the exchange rate of Indian rupee to Pounds & how to calculate it?

2.In Home office website India comes under BAND-D and Multiplier = 5.3.How can i use this to calculate my 12 months earnings?

2.In 12 months earnings is shown before tax deductions.What about the Conveyance & shift allowances in the Gross salary(before tax). Do i need to deduct Conveyance & shift allowances from Gross salary?

3.I have done Masters. So, is it enough to submit only Masters degree certificate or i need to submit all the certificates right from SSC.

Regards,
tbnag

GouravSharma1981
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Joined: Sat Oct 02, 2010 7:06 am

Post by GouravSharma1981 » Sat Nov 20, 2010 2:27 pm

1. There is a link to a website where you can check the exchange rate. Other that that in Tier 1 guidance you will see the exchange rate for each country in Annex A. For India, the conversion rate is 5.3.

2. Total Gross salary in INR for 12months * 5.3 = your salary in GBP. Select the points based on the band in which your salary falls.

2. I guess as long as it is part of your gross salary it doesnt matter. You need not deduct anything from it.

3. I guess only Masters Degree, not sure but.

I hope it helps you.[/quote]

tbnag
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Posts: 64
Joined: Sat Nov 06, 2010 5:11 pm
Location: London
India

Post by tbnag » Sun Nov 21, 2010 5:34 am

Hi Gaurav,

Thanks for your valuable information. Can you please clarify the below point--

My 12 months gross salary is 684052. when i multiply this with 5.3 i get 3625475.6.
However when i check in XE.com to convert the indian currency to GBP it gives 9,430.43.

I am really confused to find the Band in which my salary falls.

Regards,
tbnag

coretest
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Post by coretest » Sun Nov 21, 2010 6:43 am

as the seniors would rightfully suggest:
please go thru the policy guidance at the UKBA site.

For the earnings, its been explained properly in the guidance.

For the conveyance/allowances question: gross salary is mentioned in the payslip. It may include allowances. No need to deduct it from gross salary.

For the Masters degree question: if your masters degree is awarded points when going thru the points based self assessment from the UKBA site, then its enough to submit only the masters degree certi.

GouravSharma1981
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Post by GouravSharma1981 » Sun Nov 21, 2010 9:03 am

One you uplift your salary, convert it into Pounds. You will fall under one band.

laskk
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Post by laskk » Sun Nov 21, 2010 12:32 pm

tbnag wrote:Hi Gaurav,

My 12 months gross salary is 684052. when i multiply this with 5.3 i get 3625475.6.
However when i check in XE.com to convert the indian currency to GBP it gives 9,430.43.

12 months salary in INR ... change it to GBP ... than apply 5.3 uplift factor
= Net salary in GBP.

BIA recommend OANDA.com

tbnag
Junior Member
Posts: 64
Joined: Sat Nov 06, 2010 5:11 pm
Location: London
India

Post by tbnag » Mon Nov 22, 2010 5:13 am

laskk wrote:
tbnag wrote:Hi Gaurav,

My 12 months gross salary is 684052. when i multiply this with 5.3 i get 3625475.6.
However when i check in XE.com to convert the indian currency to GBP it gives 9,430.43.

12 months salary in INR ... change it to GBP ... than apply 5.3 uplift factor
= Net salary in GBP.

BIA recommend OANDA.com
Thanks a lot for the information. This is really helpful !!

T4Tech
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Posts: 4
Joined: Fri Nov 19, 2010 6:29 am

Queries on earnings

Post by T4Tech » Mon Nov 22, 2010 6:15 am

Hi All,

I have one query in terms of earnings need to be shown while applying for Tier-1 visa.

My salary detail is as below,

Annual CTC = Rs. 1050000/-

Monthly CTC = Rs. 87500/-


Monthly my take home is Rs. 81917/-.
Rs. 5583/- is the deduction every month.

In my net salary it has one part as reimbursement of amount Rs. 15667/-( it includes fuel expenses, vehicle maintenance, medical expenses etc. ).

i.e.,

Net Salary ( Rs. 81917/- ) = Rs. 66250/- + Rs. 15667/-

In my bank statement both these amounts are reflecting every month( Rs. 66250/- as salary and Rs. 15667/- as reimbursement ) for the last 12 months.

Now, I get payslip for the amount of Rs. 66250/- but I don't get any kind letter for the reimbursement amount.

Do I need to submit any kind of letter for my reimbursement amount along with the payslips while applying for Tier-1 visa ?

If yes, please provide me a letter format so that I can request my current employer for the same.

Thanks in advance.
Last edited by T4Tech on Mon Nov 22, 2010 6:49 am, edited 1 time in total.

mulderpf
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Location: London

Post by mulderpf » Mon Nov 22, 2010 6:48 am

You cannot claim for the reimbursement amounts, these have to be deducted from your gross salary first. The nature of it sounds like allowance though and not reimbursements. Is it money paid for you based on money you spent or is it actually just allowances?
Unearned sources of income that we will not consider as previous earnings include:

* expenses (such as accommodation, schooling or car allowances) that reimburse you for money you have previously spent;
* expenses where the payment reimburses you for money you have previously spent;

T4Tech
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Joined: Fri Nov 19, 2010 6:29 am

Post by T4Tech » Mon Nov 22, 2010 6:52 am

Just to clarify it, I need to show all bills to my employer for these allowances.

Or else I get this amount after tax deduction.

So, I guess in that it comes under income.

Correct me if I am wrong.

mulderpf
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Location: London

Post by mulderpf » Mon Nov 22, 2010 8:02 am

If you need to show bills, then it's a reimbursement and you cannot include it in your gross income.

GouravSharma1981
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Posts: 23
Joined: Sat Oct 02, 2010 7:06 am

Post by GouravSharma1981 » Mon Nov 22, 2010 2:59 pm

As per my understanding, if at all your reimbursements are part of your gross salary then you can claim points for that. The reason we submit bills for those reimbursements is purely for tax exemption and we do get that money after deducting tax in the fiscal year end.

So in case you have breakup of your gross salary authorized by your employer then I guess this should be good enough. This is purely my understanding please check with others as well.

kutlee
Junior Member
Posts: 67
Joined: Wed Oct 06, 2010 12:29 pm

Post by kutlee » Tue Nov 23, 2010 8:35 am

What Gourav said is correct according to guidelines. This forms allowances but claimed as reimbursements. Tricky part is how to claim points for this is not clear in the guidelines. Your bank statement will state this as reimbursements also you will get reimbursement slip from the employer. What i have done is since i have time till march for claiming bills, i have claimed full salary (no part allocated to petrol etc). So my salary is gross and tax. In march i will allocate an amount to the reimbursements and get the amount tax free. you can try this on the safer side.

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