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Fisdom’s take-home salary calculator is a free tool that can be used anytime. It offers the required data on salary within a matter of seconds and without any errors. While using the calculator, users must ensure to provide correct values for accurate results. It takes into account all the salary components and tax deductions applicable.
Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing. The ClearTax Salary Calculator calculates the take-home salary based on whether the bonus is a fixed amount or a percentage of the CTC. If you enter the bonus as a percentage of the CTC, the calculator will calculate the performance bonus as a percentage of the cost to the company.
Benefits of Salary Calculator in India
Put some money in a savings account, and the interest you receive is tax-free up to 10,000/-. By default, the calculator may use 50% of the CTC as the base wage. Under Section 10 of the Income Tax Act of 1961, an employee is entitled to a gratuity if he or she has worked for the firm for at least five years. Furthermore, your company contributes a matching amount to your EPF account and invests the same amount. Section 80C of the Income Tax Act of 1961 allows you to deduct up to 1.5 lakhs from your contribution.
To calculate the Cost to Company , enter the gross salary and total bonus amount. Buy medical insurance for your family and parents for upto ₹ 35,000/- and this amount will be exempt from income tax . Your CTC includes your variable pay, as the name indicates variable pay amount differs based on various factors. This will cause your CTC to vary, this will have a knock-on effect on your take home.
House Rent Allowance (HRA)
Your complete salary package, which includes all benefits that the company has paid for without deducting any taxes, is known as your CTC . This word is used in daily life circumstances to mean the final amount that is received after all the deductions of taxes are done. Hence, in addition, you will also have a yearly deduction of INR 3,000 towards employee insurance. To calculate the take-home salary in India, you must enter the details of CTC and the bonus, if available in the form of a fixed amount or as a percentage of the CTC.
We hope you find this tool useful, if you do, please share on your favourite social network, it helps us do what we do and keep the tool free. Email and mobile number is mandatory and you must provide the same to your broker for updation in Exchange records. You must immediately take up the matter with Stock Broker/Exchange if you are not receiving the messages from Exchange/Depositories regularly.
Finance Calculators
If you are subscribing to an IPO, there is no need to issue a cheque. Please write the Bank account number and sign the IPO application form to authorize your bank to make payment in case of allotment. In case of non allotment the funds will remain in your bank account. Your take-home pay is determined by a simulation called the Gross Pay & Take Home Salary Calculator. It is the employee’s final take-home pay after all necessary deductions.
Give the EPF amount per month; enter the employer and employee contributions individually. The employer gives an allowance to the employee for travel expenses called the leave travel allowance. Employees must submit proof of travel to claim the allowance. A salaried employee can claim the LTA exemption under Section 10 of the Income Tax Act. Next, let us assume the employee also has a yearly deduction of Rs 2,000 towards certain employee insurance.
The stipend solely covers the cost of train tickets and flights. Section 10 of the Income Tax Act of 1961 exempts the LTA amount from tax for up to two holidays in a four-year period. It relies on a variety of criteria, including the industry, employee classification, and so on.
Professional Tax - This tax is levied on you by the state and varies across the states. They can charge around INR 2500 as a professional tax in a financial year. If you want to buy a property, a home loan can save you up to 350,000/- in taxes. If you’ve exhausted the aforementioned allowances and are looking for further ways to save money, you can take advantage of the exemptions listed below. But keep in mind that there is no free lunch here; you must put in some effort to save money. Decide whether you want to compute your compensation monthly or annually.
FlexSalary is an instant salary advance credit line that covers emergency needs of Indians before they get paid. It aims to aid all the individuals who face a mid-month crisis by providing a short-term line of credit loans until they receive their salaries. FlexSalary offers instant loans from Rs. 4,000 to Rs. 2,00,000 with flexible repayment terms. Income Tax - Your employer deducts a tax amount from your salary based on the tax slab and tax rate.
To calculate the take-home salary, you must enter the Cost To Company and the bonus, if any, as a fixed amount or a percentage of the CTC. We have not deducted income tax while calculating net pay/take-home salary. We have calculated an employee insurance premium for an assured amount of Rs 5 lakh. Groww’s in hand salary calculator can calculate the take-home salary within a span of just a few seconds.
This involves staying up-to-date on current events within your expertise by attending relevant conferences or spending time reading on the subject. So, now you have INR 21,600 as a yearly EPF contribution made by you and your employer. 8.33% of your contribution gets diverted to the pension employee scheme.
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