My query about my CTC, Gross salary and net pay
How do you calculate gross salary from net pay?
An individual’s gross salary is inclusive of benefits such as HRA, conveyance allowance, medical allowance etc. Net Salary = Gross salary – All deductions like income tax, pension, professional tax, etc.
What is the gross salary and net salary?
Gross pay is what employees earn before taxes, benefits and other payroll deductions are withheld from their wages. The amount remaining after all withholdings are accounted for is net pay or take-home pay.
How can I calculate my gross salary from CTC in India?
Gross Salary = Cost to Company (CTC) – Employer’s PF Contribution (EPF) – Gratuity. Gratuity = (Basic salary + Dearness allowance) × 15/26 × No. of Years of Service. Taxable Income = Gross Salary – Employee’s PF Contribution(PF)/PPF investment – Tax free Allowance – HRA – LTA – Medical Insurance – Tax.
What will be my Inhand salary if CTC is 7 lakhs?
Summary of Salary Package in below table
| Particulars | Amount (INR) |
|---|---|
| Tax liability including cess (New tax regime) | INR 53,976/- |
| HRA Tax Exemption | INR 51,000/- |
| In hand salary (Old tax regime) | INR 7,16,992/- per year (INR 59,749/- per month) |
| In hand salary (New tax regime) | INR 7,23,024/- per year (INR 60,252/- per month) |
What is the CTC for 15000 salary?
How to calculate CTC from basic salary
| Description | Component of Salary (Per Annum) | Amount |
|---|---|---|
| Medical Reimbursements | 15,000 | |
| Gross Salary | 6,75,000 | |
| Benefits vary from company to company | Medical Insurance | 2000 |
| Provident Fund (12% of Basic) | 57,600 (12% of 4,80,000) |
How do I calculate my CTC?
Formula: CTC = Gross Salary + Benefits. If an employee’s salary is ₹40,000 and the company pays an additional ₹5,000 for their health insurance, the CTC is ₹45,000.
What is CTC salary example?
It is calculated by adding salary to the cost of all additional benefits an employee receives during the service period. If an employee’s salary is ₹500,000 and the company pays an additional ₹50,000 for their health insurance, the CTC is ₹550,000.
Is CTC and salary same?
Cost to Company (CTC) refers to the employee’s entire salary package, the overall amount the employer will spend on the employee for the financial year.
Is CTC take home pay?
Components of Cost to Company (CTC)
This is the amount that is payable to the employees for their services to the organisation. It forms a part of their take home salary and is subject to income tax. Usually, employers make sure that the basic salary does not constitute more than 40% of the overall CTC.
What is in hand salary if CTC is 3.5 LPA?
IT will be in the region of about Rs. 25,000/- per month, on an average, [assuming you would get 100% of variable pay being paid, if any, as per the payout period], but included in the monthly amount calculation, for computation.
What is Inhand salary of 7lpa?
I assume PF to be 20k annually. So it becomes 5.6 lakhs divided by 12. This amount will be your in hand salary and I hope there will not be any tax on such amount. You can expect around 47–48k per month.
What is in hand salary if CTC is 6 LPA?
General Comparison Chart For Approximate Understanding by Ck
| Band | CTC (Yearly) | In Hand Salary |
|---|---|---|
| C | 12 lakh | 82,000 per month |
| C | 10 lakh | 63,000 per month |
| D | 8 lakh | 55000 per month |
| E | 6 lakh | 40000 per month |
Is 6.25 LPA good salary for freshers?
A2A. 6 LPA is a very good salary if you are a fresher from tier 2 / tier 3 colleges. If you see the current salary structure for freshers,most of the service based giants are offering in the range of 3.3–4 LPA to freshers.
Is 6.5 LPA good salary for freshers?
Yes, It is good to start with 6 LPA as a fresher. On an average your in-hand salary would be approx. equal to INR 43k per month.
What would be take home salary if CTC is 10 LPA?
If CTC 10 LPA is all fixed, then you will get around 72000 in-hand including the food coupons which the companies give to reduce the tax burden of the employees.
Is 10 LPA a good salary for 1 year experience?
Is 10 LPA a good salary for less than two years of experience? No, it’s not a good salary when you compare with the IIT guy earning 20LPA with 1 year of experience. Yes, if you compare with the daily wage worker who hardly earns less than 2LPA. In life its all about need, knowledge and satisfaction.
What will be my Inhand salary if CTC is 9 lakhs?
It will be 4.81% of basic salary. Monthly it will come as 1443 and yearly it will be 17316. Now your earning after these two deductions is 906800–17316= 889484 lakhs per year.