IT professionals have different experiences and roles in the IT sector. Based on these varied roles, their salary range changes. For instance, the average CTC of an IT specialist in India will be INR 1,175,000 every year. But, what is the in-hand salary of the different IT professionals? Well, that’s what you will decode with in hand salary calculator India.
Why is it Important to Decode In-Hand Salary of IT Professionals?
There are various reasons why you should learn to decode your in-hand salary or take-home salary.
- If you can calculate your in-hand salary from CTC it would help you plan your finances accurately. Your take-home salary is practically your sole earning that you use to meet different expenses in life. Calculating the in-hand salary is thus a significant aspect of smart financial planning.
- Knowing your in-hand salary can help you draw up a budget for your expenses and savings. If you join an IT company that has offered you an impressive CTC may not provide a huge take-home salary, thus unable to meet your expectations. It is thus essential for you to calculate your in-hand salary before taking any offer.
- If you can decode your monthly salary, you will be able to understand the benefits you get from the company as well.
How to Calculate In-Hand Salary for IT Professionals?
An in-hand salary is pretty much the deciding factor of your expenses and savings for IT professionals. Now, no company generally gives you the salary breakdown precisely. By using some mathematical formulae, you need to calculate your take-home salary from your CTC.
To calculate your take-home salary, you need to subtract your gross salary from any the sum of deductions or taxes that are applicable to the company. And what is the gross salary? It is basically the total amount of money that you get before all the deductions are made.
Benefits of Using Salary Calculator in India for IT Professionals
The following are the benefits of using salary calculators in India:
- The salary calculator gives you a detailed analysis of your monthly or annual deductions.
- If you use a salary calculator you will be able to track the contributions made to the Employee Provident Fund.
- You can also plan a budget for your savings and expenses if you have a clear idea about how much take-home salary you are getting.
- When you get your annual bonuses and deductions, there’s a difference in your in-hand salary. With the help of a salary calculator, you will be able to track those changes.
- The calculator gives a clear breakdown of different salary components. This would help you to negotiate with the employer during salary discussions.
Conclusion
Be it an IT professional or any other employee, it is essential to know the salary breakdown. You can make an informed decision about choosing a company depending on this factor. Also, your in-hand salary is essential to manage your expenses and savings. Hence, having a clear estimate is important which you can do by using an in-hand salary calculator.