To ascertain the bring home compensation, you should enter the Cost To Company (CTC) and the reward if any as a fixed sum or a level of the CTC.
For instance, your Cost To Company (CTC) is Rs 8 lakh. The business gives you a reward of Rs 50,000 for the monetary year. Your all out gross compensation is Rs 8,00,000 – Rs 50,000 = Rs 7,50,000. (The reward is deducted from the Cost to Company).
Net Salary = Rs 8,00,000 – Rs 50,000 = Rs 7,50,000.
You at that point deduct the expert expense of Rs 2,400 every year (This is the expert duty in the State of Karnataka). You at that point deduct the commitments of both the business and you (representative) towards the Employee Provident Fund (EPF).
You should process the EPF commitment on a greatest compensation breaking point of Rs 15,000 every month. It means 12% of Rs 15,000 = Rs 1,800 every month or Rs 21,600 every year.
Along these lines, you have Rs 21,600 as a yearly commitment made by the representative towards the EPF and a comparable commitment of Rs 21,600 by the business towards the EPF. (You have 8.33% of the business' commitment that gets redirected to the worker benefits plot). You additionally have a yearly derivation of Rs 3,000 towards worker protection.
Absolute Deductions = Professional assessment + EPF (Employee Contribution) + EPF (Employer Contribution) + Employee Insurance.
Absolute Deductions = Rs 2,400 + Rs 21,600 + Rs 21,600 + Rs 3,000 = Rs 48,600.
Bring Home Salary = Gross Pay – Total Deductions
Bring Home Salary = Rs 7,50,000 – Rs 48,600 = Rs 7,01,400.