Loading calculator…
Loading calculator…
Calculate your net take-home salary after EPF, Professional Tax, and Income Tax deductions based on the latest Budget 2024 rules.
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!
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".
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.
Employee Provident Fund (EPF) is typically 12% of your Basic Salary + Dearness Allowance. Your employer also contributes an equal 12%.
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.
Yes, a standard deduction of ₹75,000 (New Regime) or ₹50,000 (Old Regime) is automatically deducted from your gross salary before tax calculation.