|Advanced Salary Calculator: Make the calculations precise by entering the Tax Exemptions you have
Frequently Asked Questions
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How to input Variable pay in Salary Calculator for accurate calculations ?
Variable pay is included in the calculations, since your CTC includes Variable Pay. If your are getting less than expected variable pay, you can adjust your CTC by subtracting the difference between the expected variable pay and the actual variable pay received.
For Example, if your CTC is 10 lakhs, which includes a variable pay of 1 lakh, but you are actually paid 70,000/-. You must enter your CTC as 9,70,000/- as opposed to 10,00,000/- to get accurate values of Net Salary and Income Tax saving.
How to increase my Take Home salary?
What are Potential Tax Savings?
The Best Ways: Below are the best ways to reduce you taxable income, whats more, you don't spend penny to utilize these exemptions, you just have be leave the money invested for a few years.
1. Invest upto ₹1,50,000/- in ELSS ,NSC,LIC,Home Loan,PF,PPF, Pension under income tax sections 80C, 80CCC, 80CCD
2. Invest upto ₹20,000/- on Infra structure bonds under section 80CCF - Lock-in period is between 5 to 15 years
3. If your employer is giving food voucher, opt for them and use them.
4. Put some money in saving bank and the interest earned is tax exempt upto ₹10,000/- .
The Second Best Ways: If you have used up the above allowances to the limit and want to look for more ways of saving money, you can utilise the below exemptions. But remember, there is no free lunch here, you need to invest some money to save.
1. If you are planning to buy a house, take a home loan you can save tax on ₹ 3,50,000/- .
2. You can also look into RGESS, however you only get 50% exemption, and you should not have traded via DEMAT account before and your salary should be below ₹10,00,000/- .
The Rest: You need to actually spend this money to save tax in this category.
1. If you higher rate tax payer, why not go on a holiday and save 33% , so you only pay 67% of the money on transportation, only 2 journeys are allowed in a block of 4 years. The current block of four years ends on 31 December 2014. So, hurry up!
2. Buy medical insurance for your family and parents for upto ₹35,000/- and this amount will be exempt from income tax .
Detailed information on all the above exemptions can be found at Tax info
Your Tax savings is the Tax saving made
based how you availed the available Tax exemptions.
Tax savings is the Tax saving that can be made by using up all the available Tax
upto the limit.
NB: Tax Exemptions which
does not have a cap/limit are not considered under Potential Tax
How to calculate my basic pay ?
Why we made this calculator ?
Though Basic pay is a percentage of gross salary, it varies from company to company and there is not set percentage. It is not possible to calculate this component.
We found may people asking questions in the internet on how to calculate salary, we did not find a calculator that illustrates the salary structure in a clear format,so we decided to build one!
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