Payroll Calculator
How Payroll calculations are done?

Payroll calculations usually constitute 4 main components : Basic pay, Allowances, Deductions, and IT Declarations. Using a payroll calculator can streamline this process, ensuring precise calculations for each employee's earnings, taxes, and net pay.

Gross Pay

Gross Pay is the sum of Basic pay + Allowances.

Net Pay

Net Pay is the difference between Gross Pay – (Deductions + Total TDS). Total TDS is the sum of TDS, Surcharge, Health & Education Cess.

Basic Pay

Basic Pay is 50% of Gross salary (Gross * 0.5)

HRA

The amount received as the HRA from the employer. Actual rent paid less 10% of the basic salary and 50% of the basic salary if staying in a metro city and 40% in a non-metro city.

Provident Fund

PF deduction (Provident Fund) is calculated on 12% of Basic + PF applicable allowances.

Employee State Insurance

ESI is calculated on  0.75% of  Gross Pay (Basic and ESI applicable allowances)

Payroll Calculator

Allowances

₹8,000.00
₹8,266.34

Deductions

₹2,400.00
₹157.5
₹200.00

Old Tax Regime

₹783.65
₹36,458.85

New Tax Regime

₹783.65
₹36,458.85
Note: For more information on various Income Tax slabs for the above fiscal year, please click here Income Tax Slabs.

Rules for calculating payroll taxes

Old Tax Regime
  • Income Tax formula for old tax regime = (Basic + Allowances – Deductions) * 12 – (IT Declarations + Standard deduction)
  • Deductions are the sum of ESI and PT etc.
  • Standard deduction (50,000)
New Tax Regime
  • Income Tax formula for new tax regime = (Basic + Allowances – Deductions (ESI)) * 12 – (Standard deduction)
  • Only ESI is considered as a deduction.
  • Standard Deduction (50,000)
Exemptions 
  1. Chapter VI-A deduction (80C,80D, 80E and so on) (Except Section 80CCD(2) and 80JJA)
  2. Standard Deduction (50,000)
  3. Interest on housing loan (Section 24)
  4. House Rent Allowance
  5. Profession Tax
  6. Children Education Allowance
Payroll-Calculator
Note: The taxpayers has the option to either continue with the old tax rates, and exemptions or opt for the new tax regime with lower tax rates by forgoing tax exemptions and deductions.

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