Basic Salary Calculation Formula

How it is calculated. 52 average number of days an employee is required to work in a week.

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Net salary or take-home salary is obtained after deducting income tax at source TDS and other deductions as per the relevant company policy.

Basic salary calculation formula. It will differ from company to company. Calculate with interest following formula pf calculation on salary how much pf contribution deduction amount total balance. 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.

Regards 20th April 2012 From India Hyderabad. On an excel sheet the formula is SUMD2G2. About Press Copyright Contact us Creators Advertise Developers Terms Privacy Policy Safety How YouTube works Test new features Press Copyright Contact us Creators.

For a monthly-rated employee the basic rate of pay for 1 day is calculated as follows. Gross Salary Basic Salary HRA Other Allowances. Basic salary may be 30 - 50 of grossCTC.

Your basic monthly salary including Dearness Allowance DA 2. Net Salary Basic Salary HRA Allowances - Income Tax - Employers Provident Fund - Professional Tax. Or 50 of the basic salary 50 of Rs.

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. A to Z of Payroll Processing Course by Rishabh Jain 100 Practical httplearnlabourlawadvisorinAvail Special Discount Start Payroll Consultancy G. The general formulas to calculate overtime rate for normal days is Salary30 days8 hours 125 and for weekend Salary30 days8 hours15.

Actual rent paid 10 of the basic salary Rs. Thus Mr Z is eligible to receive an exemption in HRA of 10600 on the total taxable earnings or income. Lower the grade lower is the basic salary.

The result is the percentage of gross salary. 12000 10 of Rs. 12 monthly basic rate of pay.

TDS is calculated on Basic Allowances Deductions 12 IT Declarations Standard deduction Standard deduction 50000 FY. Or Actual HRA offered by the employer Rs. If 10 of basic salary is lower than Rs 2000 then HRA will 10 of Basic Salary Formula IF D21020002000D210.

Every company hasmay have a different slabs for various gradeslevels of employees. Calculation of Basic Salary Percentage of Gross Salary The basic salary divided by the Gross salary is multiplied by 100. PF Calculator- Best Easy to used online free tool to check.

Your contribution to the EPF. Net salary or take-home salary. 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.

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. Calculation of Basic Salary from Gross Salary Gross salary Basic salary HRA House rent allowance DA dearness allowance MA medical allowance. Basic salary depends upon Gradelevel of employee.

50 of basic salary 50 of 24000 12000 The lowest of the three is actual rent payment minus 10 of basic salary. The net salary will always be less than the gross salary based on mandatory and voluntary payroll deductions.

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