1. What is Monthly In-Hand Salary?

The monthly in-hand salary is the actual amount an employee receives after all deductions like income tax, provident fund, professional tax, etc. For a 15 LPA (Lakhs Per Annum) package, this calculator helps estimate your take-home pay.

2. How Does the Calculator Work?

The calculator uses the following formula:

Where:

• \( 15,00,000 \) — Annual gross salary (15 LPA)
• \( \text{Income Tax} \) — Total annual income tax deduction
• \( \text{Provident Fund} \) — Employee's PF contribution (typically 12% of basic salary)
• \( \text{Professional Tax} \) — State-mandated professional tax

Explanation: The formula subtracts all annual deductions from the gross salary and divides by 12 to get the monthly in-hand amount.

3. Importance of Salary Calculation

Details: Understanding your in-hand salary helps in financial planning, loan applications, and budgeting. It's crucial to know your actual take-home pay rather than just the CTC (Cost to Company).

4. Using the Calculator

Tips: Enter your annual income tax, provident fund contribution, and professional tax amounts in INR. The calculator will compute your estimated monthly in-hand salary.

5. Frequently Asked Questions (FAQ)

Q1: What is typically included in 15 LPA package?
A: A 15 LPA package usually includes basic salary, HRA, special allowances, PF, gratuity, and other benefits that make up the total cost to company.

Q2: How is income tax calculated?
A: Income tax is calculated based on your taxable income after deductions under various sections of the Income Tax Act.

Q3: What is the standard PF contribution?
A: Typically 12% of basic salary goes to PF, with a matching contribution from the employer.

Q4: Does professional tax vary by state?
A: Yes, professional tax rates and slabs differ across Indian states.

Q5: Are there other deductions not included here?
A: This calculator covers major deductions, but your actual salary may have other deductions like health insurance, loan repayments, etc.