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What Will Be My In-Hand Salary in Wipro with an 11 LPA Package?
What Will Be My In-Hand Salary in Wipro with an 11 LPA Package?
Understanding Your In-Hand Salary in Wipro
When you accept an 11 LPA (Lakhs Per Annum) package at Wipro, it’s important to understand how your salary will be broken down and what you can expect in terms of your in-hand salary. To provide a comprehensive overview, let's break down the monthly and annual components of your salary, including deductions and other factors.
Monthly Salary Calculation
A gross salary of 11 LPA translates to approximately ?9,166,670 per annum. Dividing this by 12 gives us the monthly gross salary:
Gross Salary
Annual Salary: ?9,166,670 Monthly Salary: ?76,389Deductions
Several factors contribute to your total deductions, impacting your in-hand salary. These include factors like Provident Fund (PF), Professional Tax, and Income Tax, among others.
Provident Fund (PF)
Wipro typically follows the standard Provident Fund structure, where the employer and employee each contribute 12% of the basic salary to the PF. Here's a breakdown for an 11 LPA package:
Basic Salary Calculation
Annual Salary: ?11,00,000 Basic Salary: 50% of ?11,00,000 ?5,50,000 PF Contribution (Both Employee and Employer): 12% of ?5,50,000 ?66,000 per annum or ?5,500 per monthProfessional Tax
Professional Tax rates can vary depending on your state of employment. For the purpose of this example, let's assume a Professional Tax of ?2,500 per annum.
Professional Tax Deducted
Total Professional Tax: ?2,500 Miscellaneous Deductions: ?2,08 (approx.) Total Miscellaneous Deductions: ?5,500Income Tax
Income Tax is calculated based on the slab that your income falls into. For the financial year 2023-24, the slabs are as follows:
Up to ?2,50,000: Nil ?2,50,000 to ?5,00,000: 5% ?5,00,000 to ?10,00,000: 20% Above ?10,00,000: 30%For a gross income of ?76,389 per month:
Annual Income: ?76,389 * 12 ?9,16,668 Income Tax Calculation: 5% of ?2,50,000 ?12,500 20% of ?5,00,000 ?1,00,000 30% of ?50,000 ?15,000 Total Income Tax: ?12,500 ?1,00,000 ?15,000 ?1,27,500 Additional Cess (4%) on Total Tax: ?5,100 Total Income Tax: ?1,27,500 ?5,100 ?1,32,600 Deduction on Monthly Basis: ?1,32,600 / 12 ?11,050Total Deductions
PF: ?5,500 Professional Tax Miscellaneous: ?5,500 Income Tax: ?11,050 Total Deductions: ?5,500 ?5,500 ?11,050 ?22,050In-Hand Salary Calculation
Subtracting the total deductions from your gross monthly salary leaves you with your in-hand salary:
In-Hand Salary
Gross Monthly Salary: ?76,389 Total Deductions: ?22,050 In-Hand Salary: ?76,389 - ?22,050 ≈ ?54,339Estimated In-Hand Salary
Your estimated in-hand salary from an 11 LPA package at Wipro would be approximately ?54,339 per month. This is a rough estimate, and actual figures may vary based on specific deductions, bonuses, and benefits.
Conclusion
Understanding the in-hand salary is crucial for financial planning and budgeting. While this calculation provides a general estimate, it's always advisable to consult your HR department or financial advisor to get the most accurate figures specific to your situation.
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