Confused About My In-Hand Salary in Bangalore? Need Help Calculating It!

Hi,

I am not sure if this is the right place for this. I am very bad at this, so I really need your help on this. Can any of you please tell me what will be my in-hand salary monthly based on the following (Bangalore):

Basic Salary - 28667
HRA - 11467
PF Employers - 3440
Conveyance - 800
Medical Reimbursement - 1250
Petrol Reimbursement - 2400
Special Allowance - 4450

Thanks in advance.

No, dear, tax will not be deducted if you don't deposit the L.I.C. receipt, medical claim, house rent receipt, and many more documents. If you don't deposit them, then tax will be deducted on 47784. I mean if you paid the L.I.C. receipt up to 1 lac, then 47784 - 1 lac = taxable salary. If you paid the house rent allowance receipt, then your tax liability will be 47784 - 1 lac - the amount of the house rent allowance receipt.

Thank you for your valuable inputs. It was helpful, but I am very bad at all this. So, I am providing you with all the details here. Could you please tell me how much in-hand salary I will be getting every month?

Thanks a lot for your valuable time.

Hi Rahul,

In-hand salary, in general parlance, means what you receive in cash after making all the deductions against your authorization. As per the credit sheets indicated, I am attaching the details against each head:

Basic Salary - 28667 (Will be taken into account)

HRA - 11467 (Will be taken into account)

PF Employers - 3440 (Will be calculated against your authorization. However, it is not a cash amount which you will receive in hand; this will be deposited into your PF account)

Conveyance - 800 (Will be taken into account)

Medical reimbursement - 1250 (will be granted to you on your application/intimation and fulfillment of other formalities, only when you actually incur this expenditure)

Petrol reimbursement - 2400 (will be granted to you on your application/intimation and fulfillment of other formalities, only when you actually incur this expenditure)

Special Allowance - 4450 (Will be taken into account)

Now, next comes the question of the tax part. The whole of the amount you earn becomes your taxable salary subject to exemptions granted vide Finance Bill, which is tabulated every year in the budget session of parliament. Any changes that are being proposed by the FM after getting the nod of parliament come into force. For the latest provisions, wait for a few days as the budget session is ongoing, and things will be changing very soon.

Regards,
DS