BANKING AFFAIRS

Detailed explanation-1: -Net salary is the total salary one gets after all the mandatory deductions such as taxes that are made from the total gross salary. This is the total amount that gets credited to the bank account of the employee after all the deductions are done.

Detailed explanation-2: -Your take-home pay is the amount of your wages or salary that is left after income tax and other payments have been subtracted. [business]

Detailed explanation-3: -What is the meaning of net pay? Net pay means take-home pay or the amount employees earn after all payroll deductions are subtracted from their gross pay.

Detailed explanation-4: -In-hand Salary = Gross Salary-Income Tax-Professional Tax It is important to know that the CTC offered will be different from what you actually receive in-hand at the end of the month. The difference between CTC and in-hand salary are the various deductions that occur at the time of payout.

Detailed explanation-5: -Take Home Salary = Gross Salary-Income Tax-Employee’s PF Contribution(PF)-Prof. Tax. Gross Salary = Cost to Company (CTC)-Employer’s PF Contribution (EPF)-Gratuity. Gratuity = (Basic salary + Dearness allowance) × 15/26 × No. of Years of Service.