5.75 Lpa In Hand Salary

In-Hand Salary Calculation:

\[ \text{In-Hand Salary} = 5,75,000 - \text{Income Tax} - \text{PF} - \text{Professional Tax} \]

Annual In-Hand Salary:

Monthly In-Hand Salary:

Income Tax:

PF Contribution:

Unit Converter ▲

Unit Converter ▼

From:	To:

1. What is In-Hand Salary?

In-hand salary is the actual amount an employee receives after all deductions like income tax, provident fund (PF), professional tax, etc. It's the net salary credited to your bank account each month.

2. How is In-Hand Salary Calculated?

The calculator uses the following formula:

\[ \text{In-Hand Salary} = \text{Gross Salary} - \text{Income Tax} - \text{PF} - \text{Professional Tax} \]

Where:

Gross Salary — ₹5,75,000 per annum in this case
Income Tax — Calculated based on selected tax regime
PF — Employee's contribution to Provident Fund (typically 12% of basic salary)
Professional Tax — State-specific tax deducted monthly (₹200/month in most states)

3. Understanding Deductions

Income Tax: Depends on your tax regime (old or new). The old regime allows more deductions but has higher rates, while the new regime has lower rates but fewer deductions.

Provident Fund (PF): Typically 12% of basic salary, this is a retirement benefit where both employee and employer contribute.

Professional Tax: A state-level tax deducted from salaried individuals, usually ₹200 per month (₹2,400 annually).

4. Using the Calculator

Tips: Select your preferred tax regime (new or old), enter your PF contribution percentage (default is 12%), and professional tax amount (default is ₹2,400/year).

5. Frequently Asked Questions (FAQ)

Q1: Which tax regime should I choose?
A: The new regime is simpler with lower rates but fewer deductions. The old regime may be better if you have significant investments (like HRA, LTA, 80C deductions).

Q2: Is PF contribution mandatory?
A: For organizations with 20+ employees, PF contribution (12% of basic salary) is mandatory for employees earning up to ₹15,000/month.

Q3: Why is professional tax different in some states?
A: Professional tax rates vary by state. Maharashtra has higher rates (up to ₹2,500/year), while some states like Delhi have none.

Q4: How accurate is this calculator?
A: It provides a good estimate but actual salary may vary based on company policies, additional deductions, and exact salary structure.

Q5: Can I change my tax regime later?
A: Salaried individuals can switch regimes each financial year, while business/professionals must typically stick with their chosen regime.