In Hand Salary Calculator New Tax Regime Ay 2024 25

In-Hand Salary Formula:

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

Income Tax (New Regime):

In-Hand Salary:

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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 also known as take-home salary.

2. How Does the Calculator Work?

The calculator uses the following formula:

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

Where:

Gross Salary — Total salary before any deductions
Income Tax — Calculated as per new tax regime slabs
PF — Employee's provident fund contribution
Professional Tax — State-specific professional tax

3. New Tax Regime 2024-25

Tax Slabs:

Up to ₹3,00,000: Nil
₹3,00,001 - ₹6,00,000: 5%
₹6,00,001 - ₹9,00,000: 10%
₹9,00,001 - ₹12,00,000: 15%
₹12,00,001 - ₹15,00,000: 20%
Above ₹15,00,000: 30%

4. Using the Calculator

Tips: Enter your gross annual salary, PF contribution (typically 12% of basic), and professional tax (varies by state, typically ₹200-₹250/month).

5. Frequently Asked Questions (FAQ)

Q1: What's the difference between gross and in-hand salary?
A: Gross salary is before deductions, while in-hand salary is what you actually receive after all deductions.

Q2: Should I choose new or old tax regime?
A: New regime is simpler but may not be beneficial if you have many deductions. Compare both before deciding.

Q3: Is PF contribution mandatory?
A: For organizations with 20+ employees, PF contribution (12% of basic) is mandatory.

Q4: How is professional tax calculated?
A: It varies by state, typically ₹200-₹250 per month, deducted from salary.

Q5: Are there other deductions not considered here?
A: Yes, this calculator covers major deductions but some companies may have others like insurance, loans, etc.