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Calculate Grade Pay/ Specialallowance CTC Components Formula Amount Monthly

1) The document outlines the steps to calculate compensation for an HR Executive at Bank of India in Vijaywada with 4 years of experience and a CTC of Rs. 460,000. 2) It first calculates the breakdown of the CTC into various allowances and deductions to arrive at a gross salary of Rs. 425,208 annually. 3) It then lists the deductions for PF, taxes, etc. to calculate the net take home salary of Rs. 390,416 annually or Rs. 32,543 monthly. 4) The final step shows the income tax deductions over 3 months based on the tax slabs.

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Priyanka Bhandari
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70 views3 pages

Calculate Grade Pay/ Specialallowance CTC Components Formula Amount Monthly

1) The document outlines the steps to calculate compensation for an HR Executive at Bank of India in Vijaywada with 4 years of experience and a CTC of Rs. 460,000. 2) It first calculates the breakdown of the CTC into various allowances and deductions to arrive at a gross salary of Rs. 425,208 annually. 3) It then lists the deductions for PF, taxes, etc. to calculate the net take home salary of Rs. 390,416 annually or Rs. 32,543 monthly. 4) The final step shows the income tax deductions over 3 months based on the tax slabs.

Uploaded by

Priyanka Bhandari
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd

Step 2 Calculate Grade Pay/ SpecialAllowance

CTC Components Formula Amount Monthly


Basic Salary BS = 50% of CTC 230,000 19166.666667
DA DA = 17% of BS 39,100 3258.3333333
HRA HRA =40% of (BS+DA) 107,640 8970
CA CA= 19200 19,200 1600
MA MA= 15000 - 0
LTA LTA = 1 month of BS 19,167 1597.2222222
CEA CEA = 100*2*12 = 2400 2,400 200
CHA CHA = 300*2*12 = 7200 7,200 600
PF PF = 12% of (BS + DA) 32,292 2691
Gratuity Gratuity = 4.81% of BS - 0
ESIC ESIC = 0.75% of gross salary - 0
PT PT=2500 2,500 208.33333333
Total 459,499 38291.555556
Grade Pay = CTC - Total Adjust Amount 501

Step 4 TDS - Tax deduction at source Income tax slab

Take home salary/ Net salary 390,416


Slab 2 250,000
Pre-deduction 0
Income tax Percentage 5%
Differ amt 140,416

Income tax total 7,021


Step 3 CTC Calculation
CTC Components Formula Annual Monthly
Basic Salary BS = 50% of CTC 230000 19166.6667
DA DA = 17% of BS 39100 3258.33333
HRA HRA =40% of (BS+DA) 107640 8970
CA CA= 19200 19,200 1600
MA MA= 15000 0 0
LTA LTA = 1 month of BS 19166.67 1597.22
CEA CEA = 100*2*12 = 2400 2400 200
CHA CHA = 300*2*12 = 7200 7200 600
Grade Pay CTC-Total 501 41.7777778
Total (A) Addition (Gross Salary) 425208 35434
PF PF = 12% of (BS + DA) 32,292 2691
Gratuity Gratuity = 4.81% of BS 0
ESIC ESIC = 0.75% of gross salary 0 0
PT PT=2500 2500 200
Total (B) Deduction Amount 34792 2891
Net Salary (Take Home Salary) = Gross Salary -
Deduction 390,416 32,543

Income tax deduction from salary

3 months 2 months
2,340.27 January Aug 3,510
2,340.27 February Jan 3,510
2,340.27 March
Step 1 Profile HR Executive
Company name Bank of India
Location Vijaywada
CTC 460,000
Experience 4

Urban 50% of CTC


Semi- Urban 40% of CTC
Rural 30% to 35% of CTC

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