{ "media_type": "text", "post_content": "Fellow fishes , How much would my In hand salary per month be (excluding variable pay) according to the given breakup post taxes and 12% employee PF. And on yearly 100% variable pay out how much would I be taxed?\n\nAnd could someone help me plan better tax savings ? I can claim max 1L as HRA , no home loan is possible , single parent so 25K insurance premium is what I can think of. What else can I do to minimize my tax liability and increase my inhand.", "post_id": "627ca5d3585a540039fed03b", "reply_count": 10, "vote_count": 3, "bowl_id": "615ca1dd3ad8710025ac6f01", "bowl_name": "In Hand Salary Calculation👍", "feed_type": "bowl" }
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Fellow fishes , How much would my In hand salary per month be (excluding variable pay) according to the given breakup post taxes and 12% employee PF. And on yearly 100% variable pay out how much would I be taxed?

And could someone help me plan better tax savings ? I can claim max 1L as HRA , no home loan is possible , single parent so 25K insurance premium is what I can think of. What else can I do to minimize my tax liability and increase my inhand.

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Variable pay, which isn't part of CTC must not be considered your income as it is called "variable" for a reason. You may get 200% or 0% too!!

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In 90s

There you go

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Gratuity should not be included..it would be paid after you have served 4 yr and 9 months in the current organization under consideration

Utilise 80c completely. That will reduce your taxable salary by 1.5 lacs.
Invest in NPS for a further 50k reduction.
For Health Insurance, 25k is for parents(if age <60). And 25k for yourself. So further 50k deduction.

Overall you'll have 2 lacs deducted from your taxable income.

Calculate your HRA exemption from any of the HRA exemption calc available on the internet, and add it to 2 lacs. That will be your max deductions.

+Home loan

Techstack and yoe?

+1

If you take meal voucher as sodexo meal card and do not claim LTA as a taxable component, then pre taxes your salary should be around 68k.

Now you say you can show 1 lakh HRA so you will geta deduction of 1 lakh- 10% of basic ie
1lakh - 59.5k = 41k. And 25k of medical insurance. So total of 66k deduction, which brings down you taxable income to 7 lakh (including standard deduction).

So your monthly salary after taxes should be 64k.

If you take LTA as taxable component then take 80% of the amount and add it to your salary since you have not specified how the amount is divided between the meal card and LTA.

Now if you get 100% of the variable pay, you might find your self in the next tax slab with salary < 10 lakh, and any amount over 10 lakh will be taxes at 30%.

My suggestion would be to invest around 78k in ELSS or PF account to claim deductions under 80C. Similarly you can also open an NPS account.

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