Salary & Components

It is recommended to collect your offered Salary bifurcation/break-up from your HR representative.
Salary bifurcation shall contain details like your basic pay, variable component, provident fund deductions, house rent allowance, leave travel allowance, food coupons, conveyance, health insurance premium etc.

Important components/allowances:
Take Home or In-Hand Salary
In hand(monthly salary) is the actual amount that gets credited to your bank account post tax and other deductions.
The formula 'In hand = Package/12" does not work. And every month it may or may not include the variable pay.

So, considering your
- Offered package is 7L/a
- With variable component 1.2L/a(Quarterly disbursement)
- And assuming PF, TAX and OTHER deductions 1L/a
Then your In-hand salary would be (7,00,000-1,20,000-1,00,000)/12 = 40000/month.

And per quarter you would receive In-hand salary including your variable component based on your performance factor(say, 80%).
Then, every third month your In-hand salary would be 40000 + (1,20,000/4) x 80% = 64000/quarter.

Variable Pay(the less, the better)
Variable pay/component share a certain portion of your package. It varies with your performance in the company.
Based on company policy you will receive your variable pay along with your monthly salary, generally per quarter or half yearly.

Variable component is calculated based on the rating system within the company, and they may call it 'Performance factor'.
So, if your performance factor is 4/5 or 80% then you will be receiving 80% of your variable component(defined in your package).

Miscellaneous
Also, you may check for allowances like petrol, telephone, internet etc.