I request your help to understand how much will be my monthly take home, in the offer which i got from IBM recently. Below is the salary structure
Compensation Components IBM Offer (Rupees.)
1. Basic Salary 442163
2. Flexible Benefit Plan (FBP) 596920
3. Retirals
(a) Provident Fund (PF) 53060
(b) Gratuity 21224
Annual Fixed Remuneration 1113366
I will be very helpful if you can help me to know , how much will be my monthly take home(excluding tax)?.
Thanks in advance for your helping mind.
2Compensation Components IBM Offer (Rupees.)
1. Basic Salary 442163
2. Flexible Benefit Plan (FBP) 596920
3. Retirals
(a) Provident Fund (PF) 53060
(b) Gratuity 21224
Annual Fixed Remuneration 1113366
I will be very helpful if you can help me to know , how much will be my monthly take home(excluding tax)?.
Thanks in advance for your helping mind.
The rough calculation is given below :-
EARNINGS Deductions
Basic 442163 PF 53060
FBB (Considered Fully taxable) 596920 ITAX (Considering no Investment) 131022
Gross Salary 1039083 Gross Deductions 184082
NET TAKE HOME 855001
Monthly Take home 71250
Hope this helps.
From India, Mumbai
EARNINGS Deductions
Basic 442163 PF 53060
FBB (Considered Fully taxable) 596920 ITAX (Considering no Investment) 131022
Gross Salary 1039083 Gross Deductions 184082
NET TAKE HOME 855001
Monthly Take home 71250
Hope this helps.
From India, Mumbai
Hi, Your take home salary depends on two factors:
1. The date you join the company as the total tax of the year is calculated keeping in mind your yearly salary.
2. The tax saving components you choose from your FBP plan. it may have elements like LTA, HRA, Food coupons, medical allowance, conveyance etc. You have mentioned them here so, i am assuming that the full amount of FBP is taxable.
A.
Assuming, you joined the company on 1 april, 2012, your take home would have been:
Rs. 71,250 per month.
B.
Assuming, you joined the company on 20 Oct, 2012, your take home would have been:
Rs. 78,000 per month.
NOTE:
1.
You can off course increase this take home if you use some tax saving options like medicall allowance, HRA, LTA, conveyance etc.
2.
The difference in take home is due to the income tax which is calculated for the financial year.
3.
HRA tax benefit depends on the city you reside in. If you staying in a METRO city, you get more tax benefit.
From India, Delhi
1. The date you join the company as the total tax of the year is calculated keeping in mind your yearly salary.
2. The tax saving components you choose from your FBP plan. it may have elements like LTA, HRA, Food coupons, medical allowance, conveyance etc. You have mentioned them here so, i am assuming that the full amount of FBP is taxable.
A.
Assuming, you joined the company on 1 april, 2012, your take home would have been:
Rs. 71,250 per month.
B.
Assuming, you joined the company on 20 Oct, 2012, your take home would have been:
Rs. 78,000 per month.
NOTE:
1.
You can off course increase this take home if you use some tax saving options like medicall allowance, HRA, LTA, conveyance etc.
2.
The difference in take home is due to the income tax which is calculated for the financial year.
3.
HRA tax benefit depends on the city you reside in. If you staying in a METRO city, you get more tax benefit.
From India, Delhi
Thank you Anil and Preetham for your reply.
I was expecting a monthly take home in between 80k to 85k excluding task. Can you please help me to calculate my monthly take home if i have below tax declarations.
My tax declarataion will be
80 C 100000
interest paid to housing loan:- 150000
medical bill-15000
HRA- 144000
Compensation Components IBM Offer (Rupees.)
1. Basic Salary 442163
2. Flexible Benefit Plan (FBP) 596920
3. Retirals
(a) Provident Fund (PF) 53060
(b) Gratuity 21224
Annual Fixed Remuneration 1113366
I was expecting a monthly take home in between 80k to 85k excluding task. Can you please help me to calculate my monthly take home if i have below tax declarations.
My tax declarataion will be
80 C 100000
interest paid to housing loan:- 150000
medical bill-15000
HRA- 144000
Compensation Components IBM Offer (Rupees.)
1. Basic Salary 442163
2. Flexible Benefit Plan (FBP) 596920
3. Retirals
(a) Provident Fund (PF) 53060
(b) Gratuity 21224
Annual Fixed Remuneration 1113366
Your monthly take home will vary between 71250/- to 77000/- . While computing tax liability you also need to address the status of your income and tax from your previous employer as it is after all going to add to your taxable income.
Considering that your entire income is tax free still you will not be able to get more than 82000/- per month.
Secondly you want to claim HRA as well as Housing loan. If both the properties are in same place then you will be able to claim only one of it and not both.
If you want exact working of your income tax and take home you will have to share all details of your previous income, actual investments, tax deducted etc.
From India, Mumbai
Considering that your entire income is tax free still you will not be able to get more than 82000/- per month.
Secondly you want to claim HRA as well as Housing loan. If both the properties are in same place then you will be able to claim only one of it and not both.
If you want exact working of your income tax and take home you will have to share all details of your previous income, actual investments, tax deducted etc.
From India, Mumbai
If you had started on 1 april, 2012
Take home should have been 77,595 per month.
If on 20 Oct, then it would be 83419.
The detailed calculation and analysis is available on this Take Home salary calculator for india link.
Also, note that i have assumed your HRA to be 221076 per annum and hence reduced this amount from the total FBP of 596920.
so, final FBP would be 375844 (fully taxable).
I think you would have more options to save tax if you look at the break up of FBP. You will find medical reimbursements, LTA, conveyance allowance etc. which will help you reduce tax and hence increase Take home pay.
Let me know if you need more information.
From India, Delhi
Take home should have been 77,595 per month.
If on 20 Oct, then it would be 83419.
The detailed calculation and analysis is available on this Take Home salary calculator for india link.
Also, note that i have assumed your HRA to be 221076 per annum and hence reduced this amount from the total FBP of 596920.
so, final FBP would be 375844 (fully taxable).
I think you would have more options to save tax if you look at the break up of FBP. You will find medical reimbursements, LTA, conveyance allowance etc. which will help you reduce tax and hence increase Take home pay.
Let me know if you need more information.
From India, Delhi
Hi...
First of all Salary is the most confidential thing and should never be disclosed in public. You could have given the numbers at a high level and requested for the tax calculation or understand the tax computation and could have done the calculation on your own. You should also not be disclosing the Company name as such when you are referring to the Salary.
Thanks
From India, Faridabad
First of all Salary is the most confidential thing and should never be disclosed in public. You could have given the numbers at a high level and requested for the tax calculation or understand the tax computation and could have done the calculation on your own. You should also not be disclosing the Company name as such when you are referring to the Salary.
Thanks
From India, Faridabad
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