Hush Take Home Salary Calculator

Calculate take home salary. Estimate monthly take home salary for 2019 in India after taxes and deductions.
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Decoding Salary Slip & Sample Formats

Salary slip tells your take-home salary and the deductions from the total salary in a particular month. Do not directly correlate monthly income shown in this slip with the cost to the company or CTC figure... (more)

The Hush Take home salary calculator estimates the in hand salary for the financial year 2019-20 which is the current financial year.

How to calculate the take home salary?

Gross salary calculation:
We start with calculating the Gross salary as follows:
Gross salary = CTC - PF - Gratuity
Gratuity:
The gratuity amount depends upon the tenure of service and last drawn salary. It is calculated according to this formula: Last drawn salary (basic salary plus dearness allowance) X number of completed years of service X 15/26.
PF:
Employee’s provident fund(PF) is calculated as 12% of Basic salary.
Income Tax:
In the income tax calculator, we first calculate taxable income as follows.
Taxable income= Gross salary - PPF Investment - Tax free Allowance - HRA - LTA - Medical Insurance - Home Loan Interest(Upto Rs.2 Lakhs Per Annum) - Other Deductions
We then calculate the tax payable using the tax slabs for the current financial year (FY 2019-20) year which is as follows:
Income Slab Slab Rate
Income upto Rs 5,00,000 No Tax
Income from Rs 5,00,000 - Rs 10,00,000 12,500 + 20% of (Taxable income - 5,00,000)
Income above Rs 10,00,000 1,12,500 + 30% of (Taxable income - 10,00,000)
Surcharge:
10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore.
15% of income tax, where total income exceeds Rs.1 crore.
Cess: 4% on total of income tax + surcharge.
Finally using the above value we can compute the in hand salary as follows:
Take home salary = Gross Salary - Income Tax - PF - Professional tax
Note: Professional tax varies from state to state, but we approximate it to Rs.200/month.
Also, we have not included variable pay and income from other sources.
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