Basic Salary Calculation Formula

Now calculate some ALLOWANCES based on the assumption House Rent Allowance HRA If 10 of basic salary is higher than Rs 2000 than HRA will Rs 2000. Lower the grade lower is the basic salary.

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Or 50 of the basic salary 50 of Rs.

Basic salary calculation formula. About Press Copyright Contact us Creators Advertise Developers Terms Privacy Policy Safety How YouTube works Test new features Press Copyright Contact us Creators. Calculation of Basic Salary Percentage of Gross Salary The basic salary divided by the Gross salary is multiplied by 100. You should further multiple number of OT hours to the respective formula to get OT Amount for normal days and Fridays to add in to Gross Salary for each employee.

For a monthly-rated employee the basic rate of pay for 1 day is calculated as follows. 12 monthly basic rate of pay. Your basic monthly salary including Dearness Allowance DA 2.

Actual rent paid 10 of the basic salary Rs. Calculate with interest following formula pf calculation on salary how much pf contribution deduction amount total balance. 50 of basic salary 50 of 24000 12000 The lowest of the three is actual rent payment minus 10 of basic salary.

Basic salary may be 30 - 50 of grossCTC. 52 average number of days an employee is required to work in a week. Net Salary Basic Salary HRA Allowances - Income Tax - Employers Provident Fund - Professional Tax.

PF Calculator- Best Easy to used online free tool to check. Every company hasmay have a different slabs for various gradeslevels of employees. A to Z of Payroll Processing Course by Rishabh Jain 100 Practical httplearnlabourlawadvisorinAvail Special Discount Start Payroll Consultancy G.

Net salary which is also referred to as the Take-Home Salary can be calculated by initially adding the basic salary and allowances and then deducing the income tax EPF and professional tax from it. Or Actual HRA offered by the employer Rs. Calculation of Basic Salary from Gross Salary Gross salary Basic salary HRA House rent allowance DA dearness allowance MA medical allowance.

The net salary will always be less than the gross salary based on mandatory and voluntary payroll deductions. Net salary or take-home salary is obtained after deducting income tax at source TDS and other deductions as per the relevant company policy. If 10 of basic salary is lower than Rs 2000 then HRA will 10 of Basic Salary Formula IF D21020002000D210.

How it is calculated. TDS is calculated on Basic Allowances Deductions 12 IT Declarations Standard deduction Standard deduction 50000 FY. The result is the percentage of gross salary.

Income Tax formula for FY 2019 2020 Basic Allowances Deductions 12 IT Declarations Standard deduction Deductions are the sum of PF ESI and PT etc. Net salary or take-home salary. Regards 20th April 2012 From India Hyderabad.

Your contribution to the EPF. The general formulas to calculate overtime rate for normal days is Salary30 days8 hours 125 and for weekend Salary30 days8 hours15. Gross Salary Basic Salary HRA Other Allowances.

12000 10 of Rs. It will differ from company to company. On an excel sheet the formula is SUMD2G2.

Thus Mr Z is eligible to receive an exemption in HRA of 10600 on the total taxable earnings or income. Basic salary depends upon Gradelevel of employee.

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