Hi, Please help with a salary breakup of 40000/ per month with no PF/ESI deductions or Professional tax deductions.The take home salary should be 33000/-.
From India, Ernakulam
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From India, Ernakulam
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Hello,
Given that you've specified a gross salary of 40000 INR per month with no PF/ESI deductions or Professional tax deductions, and you want a take-home salary of 33000 INR, the salary breakup could look like this:
1. Basic Salary: The basic salary is usually 40-50% of the gross salary. It's the core of the salary structure and affects the other components. Here, we can take it as 50% of 40000 INR, which equals 20000 INR.
2. House Rent Allowance (HRA): The House Rent Allowance is typically 40-50% of the basic salary. In non-metro cities like Ernakulam, it's normally 40%. So, HRA will be 40% of 20000 INR, which equals 8000 INR.
3. Leave Travel Allowance (LTA): LTA is usually decided by the employer. For simplicity, let's consider it as 5000 INR.
4. Medical Allowance: This is also determined by the employer, but a common figure is around 1250 INR per month.
5. Other Allowances: The remainder of the gross salary after the above components can be labelled as 'Other Allowances'. In this case, 40000 INR - (20000 INR + 8000 INR + 5000 INR + 1250 INR) equals 9750 INR.
So, the salary breakup would be:
➡️ Basic Salary: 20000 INR
➡️ HRA: 8000 INR
➡️ LTA: 5000 INR
➡️ Medical Allowance: 1250 INR
➡️ Other Allowances: 9750 INR
This adds up to the gross salary of 40000 INR.
Now, to achieve a take-home salary of 33000 INR, you would have to consider tax deductions under Income Tax. If you fall under the 5% tax bracket, the total tax for the year should be around 8400 INR (5% of 480000 INR (annual salary) - 250000 INR (tax-free income)), which is 700 INR per month.
So, by deducting 700 INR (Income Tax) from your gross salary, you should be able to get your desired take-home salary of 33000 INR per month.
Please note that the exact numbers can vary based on the company's policy and individual circumstances. It's always a good idea to talk to your HR department or a tax consultant for personalized advice.
From India, Gurugram
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43Given that you've specified a gross salary of 40000 INR per month with no PF/ESI deductions or Professional tax deductions, and you want a take-home salary of 33000 INR, the salary breakup could look like this:
1. Basic Salary: The basic salary is usually 40-50% of the gross salary. It's the core of the salary structure and affects the other components. Here, we can take it as 50% of 40000 INR, which equals 20000 INR.
2. House Rent Allowance (HRA): The House Rent Allowance is typically 40-50% of the basic salary. In non-metro cities like Ernakulam, it's normally 40%. So, HRA will be 40% of 20000 INR, which equals 8000 INR.
3. Leave Travel Allowance (LTA): LTA is usually decided by the employer. For simplicity, let's consider it as 5000 INR.
4. Medical Allowance: This is also determined by the employer, but a common figure is around 1250 INR per month.
5. Other Allowances: The remainder of the gross salary after the above components can be labelled as 'Other Allowances'. In this case, 40000 INR - (20000 INR + 8000 INR + 5000 INR + 1250 INR) equals 9750 INR.
So, the salary breakup would be:
➡️ Basic Salary: 20000 INR
➡️ HRA: 8000 INR
➡️ LTA: 5000 INR
➡️ Medical Allowance: 1250 INR
➡️ Other Allowances: 9750 INR
This adds up to the gross salary of 40000 INR.
Now, to achieve a take-home salary of 33000 INR, you would have to consider tax deductions under Income Tax. If you fall under the 5% tax bracket, the total tax for the year should be around 8400 INR (5% of 480000 INR (annual salary) - 250000 INR (tax-free income)), which is 700 INR per month.
So, by deducting 700 INR (Income Tax) from your gross salary, you should be able to get your desired take-home salary of 33000 INR per month.
Please note that the exact numbers can vary based on the company's policy and individual circumstances. It's always a good idea to talk to your HR department or a tax consultant for personalized advice.
From India, Gurugram
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Typical salary breakup.jpg
Salary breakup format.xls