1. What is the Wealth Simple Salary Calculator?

The Wealth Simple Salary Calculator helps you estimate your in-hand salary in India by accounting for common deductions including income tax, provident fund (PF), and professional tax.

2. How Does the Calculator Work?

The calculator uses the following formula:

Where:

• Gross Salary — Total salary before any deductions
• Income Tax — Tax deducted as per income tax slabs
• PF — Provident Fund contribution (typically 12% of basic salary)
• Professional Tax — State-specific tax on employment

Explanation: The calculator provides a simple way to estimate your take-home pay after standard deductions in India.

3. Importance of Salary Calculation

Details: Understanding your in-hand salary helps with financial planning, budgeting, and comparing job offers. It's essential to know how much you'll actually receive after all deductions.

4. Using the Calculator

Tips: Enter your gross annual salary in INR and estimated deductions. For accurate results, consult your payslip or HR department for exact deduction amounts.

5. Frequently Asked Questions (FAQ)

Q1: What is included in gross salary?
A: Gross salary includes basic pay, allowances (HRA, DA, etc.), bonuses, and other benefits before any deductions.

Q2: How is income tax calculated?
A: Income tax is calculated based on your taxable income and applicable tax slabs as per Indian income tax laws.

Q3: What is professional tax?
A: Professional tax is a state-level tax on employment, typically ranging from ₹200-₹2,500 per year depending on the state.

Q4: Are there other deductions not included here?
A: Yes, this calculator covers major deductions but doesn't include other possible deductions like health insurance, loan repayments, or voluntary contributions.

Q5: How accurate is this calculator?
A: This provides an estimate. For exact figures, refer to your payslip or consult with your employer's HR department.