Financial Analyst & Tax Consultant | Updated for FY 2024-25
Estimate your take-home pay with precision using our In Hand Salary Calculator India. This tool factors in the latest tax slabs, EPF contributions, and deductions to help you plan your monthly budget effectively.
In Hand Salary Calculator India
In Hand Salary Calculator India Formula:
Net Take Home = (Gross Salary - EPF - PT - Income Tax - Cess) / 12
Source: Income Tax Department of India, ClearTax India
Variables:
- Gross Salary: Your total CTC minus employer benefits like insurance/PF.
- EPF: Employee Provident Fund (usually 12% of basic salary).
- PT (Professional Tax): State-level tax, capped at ₹2,500/year.
- Income Tax: Calculated based on New vs Old Regime slabs.
What is In Hand Salary Calculator India?
An in-hand salary calculator is a financial tool designed to convert your Gross CTC (Cost to Company) into the actual cash you receive in your bank account every month. In India, there is often a significant gap between the offered salary and the take-home pay due to statutory deductions like EPF, Professional Tax, and Income Tax (TDS).
Our calculator specifically uses the FY 2024-25 Budget rules, including the increased Standard Deduction of ₹75,000 for salaried employees under the New Tax Regime, ensuring you get the most accurate estimate for the current financial year.
How to Calculate In Hand Salary India (Example):
- Start with your Gross Annual Salary (e.g., ₹12,00,000).
- Subtract Standard Deduction (₹75,000 for New Regime).
- Calculate Income Tax based on current slabs (0% up to ₹3L, etc.).
- Deduct Employee EPF contribution (Monthly * 12).
- Divide the remaining balance by 12 to find your Monthly In-Hand Salary.
Related Calculators:
- SIP Returns Calculator India
- Income Tax Calculator FY 2024-25
- EPF Corpus Calculator
- Gratuity Settlement Calculator
Frequently Asked Questions (FAQ):
What is the standard deduction for FY 2024-25? For the financial year 2024-25, the standard deduction has been increased to ₹75,000 for the New Tax Regime.
Is EPF mandatory for all employees? It is mandatory for companies with more than 20 employees, provided the basic salary is below ₹15,000, though many high-earners opt-in voluntarily.
How is Professional Tax calculated? It varies by state (e.g., Maharashtra, Karnataka) but generally ranges from ₹200 to ₹2,500 per annum.
Which tax regime is better for in-hand salary? For most taxpayers with few investments, the New Regime offers lower rates and higher take-home pay.