Salary Calculator
Calculate net salary with Indian tax deductions for FY 2024-25
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Salary Breakdown
₹60,000
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₹0
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📌 Important Notes
- FY 2024-25 Tax Slabs: No tax up to ₹3 lakh (new regime)
- EPF: Standard deduction ₹50,000 applicable
- HRA: Included in gross for tax calculation
- Professional Tax: Varies by state (₹0-2500 p.a.)
- Employer's EPF contribution not shown in net salary
- This is an estimate; actual tax may vary based on investments
📐 Salary Formula Pattern
N
=
G
−
(
E
+
PT
+
OD
+
T
)
T
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f
(
TI
)
,
TI
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AG
−
50,000
N = net monthly salary
G = gross monthly salary
E = EPF deduction
PT = professional tax
OD = other deductions
T = monthly income tax
Tax uses FY 2024-25 new-regime slab function applied on annual taxable income.
❓ Frequently Asked Questions
What is EPF and how is it calculated?+
EPF (Employee Provident Fund) is a retirement savings scheme. Employees contribute 12% of their salary and employers add 12% (or 3.67% for certain conditions). Your contribution is deductible and helps build your retirement corpus.
What is Professional Tax?+
Professional Tax is a state-level tax on employment/professional services. It varies by state and income level. Generally, individuals earning above a threshold (often ₹180,000 p.a.) pay this tax monthly. Rates range from ₹0 to ₹2,500 per month.
What is the difference between Gross and Net Salary?+
Gross Salary = Basic + HRA + Other Allowances (before deductions). Net Salary = Gross - All Deductions (EPF, Income Tax, Professional Tax, etc.). Net salary is what you actually receive in your bank account.
How is income tax calculated?+
Tax is calculated based on your taxable income using the progressive slab system. The FY2024-25 calculator uses the New Regime with no deductions. The appropriate tax percentage is applied to income in each bracket.