Introduction
Welcome to the Take Home Salary Calculator India 2021-22 Excel Download! This calculator is designed to help you calculate your take home salary for the 2021-22 financial year in India. It takes into account all the deductions and allowances that are applicable to you, and provides you with a detailed salary breakup. This calculator is easy to use and provides you with an accurate estimate of your take home salary. So, if you are looking to calculate your take home salary for the 2021-22 financial year, this calculator is the perfect tool for you!
Take Home Salary Calculator India 2021-22 Excel Download | With Salary Breakup
The Take Home Salary Calculator India 2021-22 Excel Download is available for free from the official website of the Ministry of Labour and Employment. This calculator helps to calculate the take home salary of an employee based on the salary breakup provided. It also provides the breakup of the salary components such as basic salary, dearness allowance, house rent allowance, conveyance allowance, medical allowance, special allowance, etc. The calculator also provides the total deductions such as income tax, professional tax, provident fund, etc. The calculator is available in both English and Hindi language.
Take home salary of an employee in India is” CTC – (Gross salary – Deductions)”. The CTC (Cost to Company) of an employee includes the PF contribution of employer and gratuity amount and any other expenses that the company is spending on the employee.
Here is the simple take home salary calculator, which you can download in Excel format and know your estimated in hand salary with salary break up.
How to Calculate Take Home Salary / In Hand Salary from CTC in India
The CTC of an employee consists of Three important components, 1. Earnings of employee 2. Deductions of employee 3. Expenses of the company on employee
| Earnings of Employee | Deductions of Employee | Expenses of Company on Employee |
| i) Basic wage ii) House Rent Allowances(HRA) iii) Conveyance or Transport Allowances iv) MedicalAllowances v) Other/Special Allowances etc, |
i)PF Deduction ii) Health Insurance iii) PremiumProfessional Tax iv) TDS |
i) PF Contribution Paid by Employer ii) Gratuity etc. |
Take Home Salary Calculation from CTC Step by Step Process
Basic Wage Calculation
Step 1: Calculate the basic wage from the CTC (40-50% of CTC)
Gross Salary Calculation
Step 2: Calculate PF contribution paid by employer i.e 12% of the basic wage.
Step 3: Gratuity paid by the employer is (basic wage/26)*15
Step 4: Now the gross salary of the employee is CTC – (PF + gratuity paid by employer)
(note: add any other expenses given by the employer)
Total Earnings Calculation
Step 5: Now calculate the HRA of employees, 40% of the basic wage for employees in nonmetro cities and 50% for employees in metro cities.
Step 6: Conveyance allowances (CA) fixed 1600 Rs per month.
Step 7: Medical allowances fixed 1250 Rs per month.
Step 8: Calculate other allowances. (Gross salary – (basic wage+HRA+CA+Medical Allowances)
Step 9: The sum of basic wage + HRA + CA + Medical Allowances + Other Allowances is called to total earnings which are equal to the above calculated gross salary. (Step 4)
Calculate Deductions
Step 9: PF contribution 12% of the basic wage of the employee.
Step 10: Health insurance premium, depends on the policy type.
Step 11: Professional tax (varies in each state)
Step 11: TDS (as per the current or new income tax slab rates)
Step 12: Sum all the deductions i.e total deductions.
Net Salary/Take Home/Inhand Salary Calculation
Step 12: Total earnings – total deductions will be the net salary of the employee, which he gets in his hand every year. If you divide it by 12 months then you will get the monthly take home salary.
You don’t need to do all the calculations, just download the above take home salary calculation excel and enter your CTC, it will give you the entire breakup of your salary details.
FAQs
Which tax regime is best for employees?
The existing tax slab regime is best, which allows you to get tax exemption under different sections of the income tax act.
If you choose a new tax regime then you don’t get any tax exemptions. It just simplifies the taxation process, but you need to pay higher income tax.
What is the take home salary of CTC 12 Lakhs?
If your CTC is 12 Lakhs per annum then your take home salary will be around 10,29,000 Rs per annum and 85,000 Rs per month.
Is net salary and take home salary and in hand salary the same?
Yes, all are the same.
Also Read:
Take Home Salary Calculator India 2021-22 Excel Download | With Salary Breakup
Are you looking for a way to calculate your take home salary for the 2021-22 financial year? If so, then you have come to the right place. We have created an easy-to-use Excel spreadsheet that will help you calculate your take home salary in India for the 2021-22 financial year. This spreadsheet includes all the necessary deductions and allowances that are applicable to your salary.
The Excel spreadsheet is easy to use and understand. All you need to do is enter your salary details and the spreadsheet will automatically calculate your take home salary. It also provides a detailed salary breakup, which includes all the deductions and allowances that are applicable to your salary.
This Excel spreadsheet is free to download and use. It is compatible with all versions of Microsoft Excel. So, what are you waiting for? Download the Excel spreadsheet now and start calculating your take home salary for the 2021-22 financial year.
Features of the Take Home Salary Calculator India 2021-22 Excel Download
- Calculates your take home salary for the 2021-22 financial year.
- Provides a detailed salary breakup, including all deductions and allowances.
- Easy to use and understand.
- Compatible with all versions of Microsoft Excel.
- Free to download and use.
Download the Take Home Salary Calculator India 2021-22 Excel Spreadsheet Now!
Don’t wait any longer. Download the Take Home Salary Calculator India 2021-22 Excel spreadsheet now and start calculating your take home salary for the 2021-22 financial year. It’s free, easy to use, and compatible with all versions of Microsoft Excel. So, what are you waiting for? Download the Excel spreadsheet now and start calculating your take home salary.
