What is minimum amount for PF deduction?
Rs. 15,000
How is PF calculated from basic salary?
Calculation of PF The contribution of the employer is 12% of the basic wage plus dearness allowance or DA. The employee makes an equal contribution.
What is in hand salary if CTC is 3.6 lakhs?
Ankit Sharma, 22, an engineering graduate, was happy as he got placement through campus interview and was offered a salary package of ₹ 3.6 lakh annual CTC (cost to company)….3,61,800.
| Deductions/take home salary | Amount |
|---|---|
| Gross salary | 3,30,000 |
| Net salary (gross – deduction) | 2,69,900 |
| Monthly take home salary | 22,491 |
How is in hand salary calculated?
- Usual salary structure components (fixed) of salary of an Employee.
- CTC offered by the employer = INR 9 Lakh per year;
- In hand Salary = CTC – Sum of above components.
- Net taxable income** (Old Tax Regime) = CTC – PF contributions (Both employee & employer contribution) – Food Coupons – HRA tax exemption.
What is difference between gross salary and in hand salary?
Take-home salary or the In-hand salary is the amount which the employee receives after the tax, and other deductions are carried over. The difference between gross and net salary is that the salary that includes the income tax, professional tax, and other company policy deductions subtracted from the gross salary.
How much salary will I get in hand each month with an annual CTC of 4.5 lakhs per annum?
For FY-2020–21 if your CTC is Rs. 5 LPA (fixed) then your approximately in hand salary will be without any investment as under: As per old tax regime your in hand salary will be Rs. 36,960/- approx per month.
How is salary break up calculated in CTC?
- CTC = Gross Salary + Gratuity + Employer Contributions (PF /ESIC) What is Gross Salary?
- Gross Salary = Basic Salary + HRA + Bonus + Other Allowances.
- Net Salary = Gross Salary – Income Tax – PF – ESIC – Other Deductions.
- Basic Salary.
- Conveyance Allowance.
- Statutory Bonus.
- Books and Periodicals.
- Provident Fund (PF)
Is 25 lakhs a good salary in India?
Every fresher coming to search for a job mostly gets paid among 4 to 5 lakhs per annum in India except NIT and IIT grads who generally get paid 7 to 8 lakhs per annum. But after almost 5 to 6 years of experience and with skills a person in India can get 25 lakhs to 30 lakhs per annum.