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What is 7 LPA salary?

Total yearly take-home salary = Gross salary – Total deductions = ₹7 lakhs – ₹48,600 = ₹6,42,400.

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As per the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952, an employee contributes a certain amount towards EPF monthly and an equal amount is contributed by the employer. Provident fund contribution is mandatory for Indian companies. They use either of the following calculation:

For basic salary < ₹15000/month – 12% of the basic salary

For basic salary > ₹15,000/month – the company has an option to either contribute the minimum 12% of ₹15,000 (i.e. ₹1800) or 12% of the basic salary. In essence, 12% of the basic salary is contributed by the employer and the other 12% is contributed by the employee. The employer contribution is usually not seen in the payslip but you can find it in your offer letter. Your contribution that is made as a part of your salary is called EPF and can be seen in your payslip. Voluntary Provident Fund (VPF) is a provident fund scheme where you can contribute a desired portion of your salary towards your EPF account every month. This is a voluntary scheme and your employer is not bound to pay anything. This is in addition to your monthly 12% EPF contribution. There’s no limit on how much you can contribute towards VPF. You’re free to contribute your entire basic salary as well as the DA. House Rent Allowance (HRA) is the monetary benefit given by your employer for expenses related to rented accommodation. The minimum tax-exempt portion of HRA is calculated based on a few guidelines: The actual rent paid should be less than 10% of your basic salary. In case you’re staying in a metro, 50% of the basic salary and 40% if you live in a non-metro city.

The actual HRA component of your salary.

Form 16 is a detailed document given by a company with complete information about your salary along with all the legal tax deductions on your CTC. Form 16 is the proof of your income and tax paid to the government. It is mandatory to submit Form 16 while filing the Income Tax Returns (ITR) every financial year. A financial year (FY) is the period where income is earned, an assessment year (AY) is the following year where a tax evaluation is done for the income earned in the previous financial year. Since income can’t be taxed before it’s earned, the terms financial year and assessment year came into existence.

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For instance, if you start earning in the year 2022, this year will be the financial year and 2023 when your actual tax will be calculated, will be known as the assessment year. = Gross Salary – Income Tax – Employee’s PF contribution (PF) – Professional Tax.

= CTC – Employer’s PF contribution (EPF) – Gratuity.

= (Basic salary + DA) × 15/26 × No. of years of service. = Gross Salary – Employee’s PF Contribution (PF)/PPF investment – Tax-free Allowance – HRA – LTA – Medical Insurance – Tax Saving Investments – Other Deductions. The new tax regime was introduced in the Union Budget 2020 (applicable from 01-April-2020, FY 20-21) with lower tax rates. Individual taxpayers have an option to choose between the old tax regime and the new tax regime. The lower tax rates in the new regime are applicable only if you are willing to give up exemptions and deductions available under various provisions of the Income-tax Act, 1961. Only an employer’s contribution towards an employee in a notified pension scheme [under Section 80CCD (2)] and for new employment [under Section 80JJAA] can be claimed. There is no right answer to it. You should evaluate the benefits of the old tax regime and new tax regime before choosing the one that works better for you. Comparison of Taxes: Old Regime vs. New Regime FY 2022-23 Annual Income Slab Old Regime New Regime Resident Individuals & HUF < 60 years of age & NRIs Resident Individuals & HUF > 60 to < 80 years Resident Individuals & HUF > 80 years Applicable for All Individuals & HUF Up to ₹2.5 lakhs Nil Nil From ₹2.5 – 3 lakhs 5% Nil 5% From ₹3 – 5 lakhs 5% Nil From ₹5 – 7.5 lakhs 20% 10% From ₹7.5 – 10 lakhs 15% From ₹10 – 12.5 lakhs 30% 20% From ₹12.5 – 15 lakhs 25% Above ₹15 lakhs 30% There are 70 deductions and exemptions that are not allowed in the new regime, out of which the most commonly used are listed below:

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Exemptions and deductions “not allowed” under new tax regime Deductions “allowed” under new tax regime Leave Travel Allowance (LTA) Transport allowance for specially abled people House Rent Allowance (HRA) Conveyance allowance Conveyance allowance for expenditure incurred for travelling to work Daily expenses in the course of employment Relocation allowance Investment in Notified Pension Scheme under section 80CCD(2) Helper allowance Children education allowance Deduction for employment of new employees under section 80JJAA Other special allowances [Section 10(14)] Standard deduction on salary Depreciation u/s 32 of the Income-tax act except additional depreciation. Professional tax Interest on housing loan (Section 24) Any allowance for travelling for employment or on transfer Deduction under Chapter VI-A deduction (80C,80D, 80E and so on) (Except Section 80CCD(2))

CTC includes all costs incurred on an employee, including PF.

CTC = Gross Salary + PF + Gratuity

The DA is paid by the government to its employees as well as pensioners to offset the impact of inflation. It’s calculated as a percentage of basic salary to mitigate the impact of inflation No, the private sector employees in India are not entitled to receive DA as a part of their salary.

It’s a perk meant only for government employees and pensioners.

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