Monday, September 22, 2014

Gross total annual salary income calculator in India fy 2014-15

Gross total annual salary and Gross Taxable Income calculator in India fy 2014-15

The most common questions are 
  • Gross salary and net salary calculator for the assessment year 2015-16?
  • how to calculate gross annual salary income - Sample Example?
  • what is my gross annual income calculator  Fy 2014-15?
  • what is gross total income in income tax  for financial year 2014-15?
The Calculation of Annual Gross Salary is very simple mathematical calculation. Often individuals wants to know their  how much TDS ( Tax deducted at Source) is going to be deduction and how much TAX finally he/she has to pay to income tax department.

Just follow the simple steps below and you should be knowing your Gross Annual Income

Quick Know how: You can go to your HR Portal or  you Company/ organization Finance portal and download the provisional FORM 16 and you should be able to see your Gross Annual Salary and Gross Total Taxable Income clearly calculated.  However if you dont have provision to download or get the provisional Form 16 , you can follow the steps below and know you take home and gross taxable salary.
  1. Know your CTC ( Cost to Company ) or Annual Take home from your salary Slip or Form 16 or from your salary slip or from your offer letter.
  2. Start deducting your savings under income tax section 80c - Max of Rs.1,50,000.
  3. Deduct your HRA ( House Rent Allowances) from the remaining salary.
  4. Deduct House Rent Interest amount , if you have taken any home loan. Max of Rs.2,00,000 
  5. Deduct Medical health insurance amount if you are paying any.
  6. Finally after all deductions you should be able to compute your Gross Taxable income.
Look the following illustration to know more on how to calculate gross income.

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