BANKING AFFAIRS

Detailed explanation-1: -Net salary, also known as take-home salary, is the amount of money that you will receive after all deductions. The deductions are made from the CTC and include things like income tax, Professional tax, Public Provident Fund (PPF), etc. Net salary is usually lower than the gross salary.

Detailed explanation-2: -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-3: -Wage garnishment is a legal procedure in which a person’s earnings are required by court order to be withheld by an employer for the payment of a debt such as child support.

Detailed explanation-4: -Gross salary is the amount of salary after totalling all the benefits and allowances but before deducting any tax, while net salary is the amount that an employee takes home. An individual’s gross salary is inclusive of benefits such as HRA, conveyance allowance, medical allowance, etc.

Detailed explanation-5: -Net salary, more commonly known as Take-Home Salary, is the income that the employee actually takes home once tax and other such deductions are carried over with. It refers to the in-hand figure that is calculated after deducting Income Tax at source (TDS) and other deductions as per the relevant company policy.