05-02-2007, 06:36 AM
msc286 Many thanks for the details and sorry I wasn't able to check that earlier.
I have revised the calculations a bit and will appreciate a review
Annual Salary = 762,000 (@ 63,500 pm)
Exempt (10% Medical Allowance) = 76,200 (@ 6,350 pm)
Taxable Salary = 685,800 (@ 57,150 pm)
Tax on 685,800 @ 6% = 41148 (@3,429 pm)
Net Amount = 720,852 (@ 60,071)
So for 60,071 take home, gross salary will be 63,500 per month.
Now, I have another question. Suppose the guy joined in April and Company's year end is June so how much tax per month will be deducted? because the person is taking salary only for 3 months of that year (Apr, May, June).
In my opinion, the tax will be
Gross salary = 190,500 (63,500 * 3)
Exempt (10% Medical Allowance) = 19,050 (@ 6,350 pm)
Taxable Salary = 171,450 (@ 57,150 pm)
Tax on 171,450 @ 0.25% = 429 (@ 143 pm)
Net Amount = 190,071 (@ 63,357)
So the person will get Rs. 63,357 per month for Apr, May, June. Please correct me if I am wrong.
I have revised the calculations a bit and will appreciate a review
Annual Salary = 762,000 (@ 63,500 pm)
Exempt (10% Medical Allowance) = 76,200 (@ 6,350 pm)
Taxable Salary = 685,800 (@ 57,150 pm)
Tax on 685,800 @ 6% = 41148 (@3,429 pm)
Net Amount = 720,852 (@ 60,071)
So for 60,071 take home, gross salary will be 63,500 per month.
Now, I have another question. Suppose the guy joined in April and Company's year end is June so how much tax per month will be deducted? because the person is taking salary only for 3 months of that year (Apr, May, June).
In my opinion, the tax will be
Gross salary = 190,500 (63,500 * 3)
Exempt (10% Medical Allowance) = 19,050 (@ 6,350 pm)
Taxable Salary = 171,450 (@ 57,150 pm)
Tax on 171,450 @ 0.25% = 429 (@ 143 pm)
Net Amount = 190,071 (@ 63,357)
So the person will get Rs. 63,357 per month for Apr, May, June. Please correct me if I am wrong.