Indian Salary Calculator 13.05
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ABOUT Indian Salary Calculator
Indian Salary Calculator is an easy way to calculate salary for year 2017-2018 and 2018-2019. Following are the strp to calcluate the indian salary 1. Calculate Gross Salary: First Calculate the Gross salary. Gross Salary is calculated by subtracting the Employer's contribution Provident Fund contribution(EPF) and Gratuity from Cost to Company(CTC). Gross Salary = Cost to Company(CTC) - Employer's PF Contribution(EPF) - Gratuity. 2. Calculate Taxable Income: Taxable income is calculated by subtracting Conveyance Allowance, House Rent Allowance(HRA), Leave Travel Allowance(LTA) Professional Tax, Medical Bills, Medical Insurance, Tax Saving Investments . Taxable Income = Gross Salary - Employee's PF Contribution(PF) - Conveyance Allowance - HRA - LTA - Medical Bills - Medical Insurance - Tax. Saving Investments - Other Deductions. 3. Calculate Income Tax: Calculate Income Tax based on income Tax Slabs and rates. Following are the INCOME TAX SLAB 2017-2018 AND 2018-2019 Rs 0 - Rs 2,50,000 0% Rs 2,50,000 - Rs 5,00,000 5% Rs 5,00,000 - Rs 10,00,000 20% Rs 5,00,000 ABOVE 30% Additioanl TAX: 2% Educational cess and 1% Higher and Secondary cess ON INCOME TAX. 4. Calculate Take Home Salary; Subtract the Income Tax, Provident Fund (PF) and Professional Tax from the Gross Salary