Step 2: Calculate Gross Total Using Formula in Excel Sheet. In this step, we will make a salary slip format in Excel sheet to calculate the Gross Total. We will apply the mathematical formula and the SUM function to calculate the Gross Total of the SOFTEKO Group. We can easily do that. This is also a time-saving task.

87A. An assessee, being an individual resident in India, whose total income does not exceed five hundred thousand rupees, shall be entitled to a deduction, from the amount of income-tax (as computed before allowing the deductions under this Chapter) on his total income with which he is chargeable for any assessment year, of an amount equal to hundred per cent of such income-tax or an amount of

For example, if 12000 Rs was deducted from the salary of an employee towards employee provident fund, then his basic salary will be calculated as follows. For 15000 Rs basic salary PF contribution = 15000 X 12% = 1800 Rs. So for 1200 PF deduction basic salary =? Formula = (1200/1800) X 15000 = 10000 Rs.

i. Actual HRA Received. ii. 50% of (Basic salary + DA) for living in Metro Cities (40% for Non Metro Cities). iii. Actual Rent paid less 10% of Basic Salary + DA. Let us understand with the help of some Examples below: 3.
HRA calculation. Delhi-based Rajat Ghai’s monthly basic salary is Rs 50,000 and he receives Rs 18,000 as HRA. For his rented home, he pays Rs 15,000 as monthly rent. In his case, the deduction will be the least of the three amounts: 50% of his basic salary = Rs 25,000. Actual HRA = Rs 18,000. Actual rent minus 10% of the basic salary = Rs
Hostel Allowance: An exemption of up to Rs.300 per month per child for two children. Island Duty Allowance: This allowance is provided to the members of the armed forces who are assigned duties in islands such as Lakshadweep and Andaman & Nicobar. A maximum exemption of up to Rs.3,250 is given per month.
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    • hra calculation formula in excel