In-Hand Salary Calculator
Calculate your net take-home salary after EPF, Professional Tax, and Income Tax deductions based on the latest Budget 2024 rules.
Salary Details
Monthly Deductions
Tax Saving Tip
Under the New Regime, income up to ₹7 Lakh is tax-free due to Section 87A rebate. Plus, you get a ₹75,000 standard deduction!
Detailed Breakdown
Understanding Your Paycheck
Your "Gross Salary" is the total amount before any deductions. What you actually receive in your bank account is the "In-Hand Salary" or "Net Salary".
Common Deductions
- EPF: 12% of your basic salary goes to your retirement fund.
- Income Tax: Deducted by your employer (TDS) based on your tax regime.
- Professional Tax: A state-level tax, usually capped at ₹2,500 per year.
Salary Components
- Basic Salary: The core part of your pay, usually 40-50% of CTC.
- HRA: House Rent Allowance, which can be partially tax-exempt.
- Special Allowance: A balancing component that is fully taxable.
Frequently Asked Questions
What is the difference between CTC and In-Hand Salary?
CTC (Cost to Company) includes all expenses the company incurs for you, including employer's EPF contribution, gratuity, and insurance. In-Hand is what you get after deducting employee's EPF, taxes, and other charges from your Gross Salary.
How is EPF calculated?
Employee Provident Fund (EPF) is typically 12% of your Basic Salary + Dearness Allowance. Your employer also contributes an equal 12%.
Which tax regime should I choose for a higher in-hand salary?
Generally, the New Tax Regime offers a higher in-hand salary as it has lower tax rates and a higher rebate limit (₹7 Lakh). However, if you have high investments (80C, HRA, Home Loan), the Old Regime might save more tax overall.
Is standard deduction applicable to all salaried employees?
Yes, a standard deduction of ₹75,000 (New Regime) or ₹50,000 (Old Regime) is automatically deducted from your gross salary before tax calculation.