04-23-2007, 07:13 PM
I think the query of this gentleman is not the calculation of tax on a salary of Rs. 60,000 per month. Rather he is interested in knowing the figure which, after deduction of tax, would amount to Rs. 60,000 (referred as take home salary). I have prepared the calculation, as following.
Annual Salary = 864,866
Exempt (10% Medical Allowance) = 86,487
Taxable Salary = 778,380
Tax on 778,380 @ 7.5% = 58,380
Net amount = 720,000
Net Salary per month = 60,000
So for net salary of Rs.60,000 per month, the gross salary would be Rs. 72,072 (864,866 / 12)
Annual Salary = 864,866
Exempt (10% Medical Allowance) = 86,487
Taxable Salary = 778,380
Tax on 778,380 @ 7.5% = 58,380
Net amount = 720,000
Net Salary per month = 60,000
So for net salary of Rs.60,000 per month, the gross salary would be Rs. 72,072 (864,866 / 12)
