Salary Calculator Formula India

So for 1200 pf deduction basic salary. In general basic salary should be equal to or more than the minimum wages fixed by the state government of the employer.

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Income tax calculations and nis factoring for 2020 21 with historical pay figures on average earnings in india for each market sector and location.

Salary calculator formula india. Calculate take home salary. You need to follow following steps using the below example. In case you want to calculate your income tax without using the income tax india calculator it s not very difficult.

Tds is calculated on basic allowances deductions 12 it declarations standard deduction standard deduction 50 000. Gross salary is calculated as. The formula for the calculation of gratuity is mentioned below.

Enter your annual salary to view a full tax calculation about the tax calculator. Monthly salary is the sum of basic pay hra conveyance education lta or other allowances this calculator best suits for it professionals in india. Amit is salaried employee with following salary structure.

Basic salary calculation from ctc. Because in your ctc you can know how much pf deduction you have. Icalculator india income tax salary caluclator updated 2020 21 assessment year.

If you are looking to know about how to calculate basic salary from ctc then you can follow the above steps. Formula 1200 1800 x 15000 10000 rs. Take home salary gross salary income tax employee s pf contribution pf prof.

Basic salary should be 40 60 of gross salary which will vary from one employer to another employer. Gratuity basic salary x dearness allowance x 15 26 x number of years of service the gratuity that is subtracted on a yearly basis 15 26 x basic salary per month next you must calculate the taxable income. Subtract the income tax provident fund pf and professional tax from the gross salary determined in step 1.

Gross salary 480 000 48 000 96 000 12 000 12 000 12 000. Income tax formula for fy 2019 2020 basic allowances deductions 12 it declarations standard deduction deductions are the sum of pf esi and pt etc. How to calculate pf and esi with example.

Professional tax upto 5000 0 upto 1000 60 upto 15000 100 over 15000 150 formula if h2 5000 0 if h2 10000 60 if h2 15000 110 150 write formula in i2 cell drag formula to i21 cell salary paid per month gross salary professional tax. Salary formula example 2 calculate the gross salary and net salary of the following salary components. How to calculate income tax in india.

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