Simple Salary Calculator. This tool will help to provide the salary breakup information if the CTC (or Gross) amount of the employee is entered. The purpose of the calculator is to give HR professionals a breakdown of the salary with deductions to assist them in preparing the Employment order.
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To create a Salary Breakup Calculator with PF for Indian employees, follow these steps:
1. Basic Salary Calculation:
- Start by calculating the Basic Salary, which is usually 40-50% of the CTC. This amount forms the core of the salary structure.
2. House Rent Allowance (HRA):
- Determine the HRA component based on the employee's location and actual rent paid. In India, HRA is usually 40-50% of the Basic Salary.
3. Provident Fund (PF):
- Calculate the PF deduction, which is typically 12% of the Basic Salary for both the employer and the employee. Ensure this is accurately reflected in the salary breakup.
4. Conveyance Allowance:
- Include the Conveyance Allowance, which is a fixed amount provided to employees for commuting to work. This is usually a small percentage of the CTC.
5. Medical Allowance:
- Factor in the Medical Allowance, which covers medical expenses. This can be a fixed amount or a percentage of the CTC.
6. Special Allowances:
- Add any additional Special Allowances or perks that are part of the employee's compensation package. These can vary based on company policies.
7. Professional Tax:
- Deduct the Professional Tax as per the state regulations. The amount varies across different states in India.
8. Net Salary Calculation:
- Calculate the Net Salary by subtracting the total deductions (PF, Professional Tax, etc.) from the Gross Salary (CTC).
By following these steps, you can create a comprehensive Salary Breakup Calculator with PF that accurately reflects the employee's earnings and deductions, aiding HR professionals in preparing precise employment orders.
From India, Gurugram
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1. Basic Salary Calculation:
- Start by calculating the Basic Salary, which is usually 40-50% of the CTC. This amount forms the core of the salary structure.
2. House Rent Allowance (HRA):
- Determine the HRA component based on the employee's location and actual rent paid. In India, HRA is usually 40-50% of the Basic Salary.
3. Provident Fund (PF):
- Calculate the PF deduction, which is typically 12% of the Basic Salary for both the employer and the employee. Ensure this is accurately reflected in the salary breakup.
4. Conveyance Allowance:
- Include the Conveyance Allowance, which is a fixed amount provided to employees for commuting to work. This is usually a small percentage of the CTC.
5. Medical Allowance:
- Factor in the Medical Allowance, which covers medical expenses. This can be a fixed amount or a percentage of the CTC.
6. Special Allowances:
- Add any additional Special Allowances or perks that are part of the employee's compensation package. These can vary based on company policies.
7. Professional Tax:
- Deduct the Professional Tax as per the state regulations. The amount varies across different states in India.
8. Net Salary Calculation:
- Calculate the Net Salary by subtracting the total deductions (PF, Professional Tax, etc.) from the Gross Salary (CTC).
By following these steps, you can create a comprehensive Salary Breakup Calculator with PF that accurately reflects the employee's earnings and deductions, aiding HR professionals in preparing precise employment orders.
From India, Gurugram
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CTC- Salary calculator.xls