India Salary Calculator 2.0
Free Version
Publisher Description
The Salary Calculator is updated with the latest 2015-16 Budget figures
The following have changed as part of the new budget.
1. Conveyance allowance is raised from 800 to 1,600/- per month.
2. Personal Medical Insurance limit has been raised from 15,000 to 20,000/-
No changes have been maded to the Income Tax Slabs and rates in the new budget.
How is the Take Home Salary calculated?
We made this Calculator so that no one will ever need to manually do their salary calculations! However, the below explanation is provided for those who want to understand how the calculations are done.
Step 1. Determine Gross Salary:
Before we can calculate the Net Salary, we should first determine the Gross salary. Gross Salary is obtained 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.
Step 2. Determine Taxable Income: Taxable income is obtained 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.
Step 3. Calculate Income Tax: Calculate Income tax by applying Income Tax Slabs and rates. Apply 2% Educational cess and 1% Higher and Secondary cess to the income tax .
Step 4. Calculate Take Home Salary; Subtract the Income Tax, Provident Fund (PF) and Professional Tax from the Gross Salary(determined in step 1).
Take Home Salary = Gross Salary - Income Tax - Employee's PF Contribution(PF) - Prof. Tax.
Calculated values may not match with your payslip due the following reasons:
1. Your variable pay is paid quarterly, so you will not have the same take home each month, in the months the variable pay is paid, your take home salary will be more than the calculated value. In other months, it would be less than the calculated amount.
2. Your CTC includes your variable pay, as the name indicates variable pay amount differs based on various factors. This will cause your CTC to vary, this will have a knock-on effect on your take home. You can correct his by adjusting your CTC to match the actual amounts in variable pay. For example, if your CTC is ₹ 15 Lakhs which includes a variable pay of ₹ 2 lakhs, however you only received ₹ 1 lakh as part of your variable pay for this financial year. In this case enter your CTC as ₹ 14 lakhs for accurate calculations.
3. The Salary Calculator calculates your PF and EPF to be 12% of your Basic Pay and Gratuity as 4.81% of Basic Pay. If your PF is paid as a different percentage, you need to enter the actual mount paid to you in the PF field for accurate calculations.
About India Salary Calculator
India Salary Calculator is a free app for Android published in the Accounting & Finance list of apps, part of Business.
The company that develops India Salary Calculator is Massinissa ATEBATA. The latest version released by its developer is 2.0. This app was rated by 17 users of our site and has an average rating of 4.0.
To install India Salary Calculator on your Android device, just click the green Continue To App button above to start the installation process. The app is listed on our website since 2016-02-16 and was downloaded 551 times. We have already checked if the download link is safe, however for your own protection we recommend that you scan the downloaded app with your antivirus. Your antivirus may detect the India Salary Calculator as malware as malware if the download link to com.gjh71231252 is broken.
How to install India Salary Calculator on your Android device:
- Click on the Continue To App button on our website. This will redirect you to Google Play.
- Once the India Salary Calculator is shown in the Google Play listing of your Android device, you can start its download and installation. Tap on the Install button located below the search bar and to the right of the app icon.
- A pop-up window with the permissions required by India Salary Calculator will be shown. Click on Accept to continue the process.
- India Salary Calculator will be downloaded onto your device, displaying a progress. Once the download completes, the installation will start and you'll get a notification after the installation is finished.
