#Salary slip template in word professional
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The following components appear under the deductions part of the payslip: Employers may choose to categorise these allowances in a separate head, or club them together under ‘Other Allowances’.
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House Rent Allowance (HRA): HRA is an allowance paid to employees for house rent paid by them.Dearness Allowance: It is an allowance paid to reduce the impact of inflation on the employee.It is the basis for the determination of various other components of the pay slip. Basic Salary: It is the most important component of salary and usually comprises about 35% to 40% of the total salary.The following components appear under the incomes part of the salary slip: Often, while applying for travel visas or to universities, applicants are asked to furnish a copy of their salary slip as proof of employment and designation.Ĭomponents of a salary slip can be understood in two parts: Salary slips are important legal evidence of employment. It also helps them negotiate salary with new employers or for new roles. It is an important document to avail loans, credit, mortgage and other borrowings.Įmployees can compare offers from new employers based on their previous salary slips. Salary slips provide lenders with assurance that their lendings will be repaid.
#Salary slip template in word free
The salary slip gives employees access to various free or subsidised facilities provided by the government such as medical care, subsidised food grains, etc. It helps to prepare the income tax returns and determine how much tax is to be paid or how much refund is to be claimed by the employee for the year. The salary slip forms the basis for income tax calculation. Employers are legally bound to issue salary slips to their employees periodically, as proof of salary payments to employees and deductions made.ĭOWNLOAD NOW Importance of a Salary Slip A basis for income tax payment
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It may be issued on paper or mailed to the employee. It contains a detailed description of the employee’s salary components like HRA, LTA, Bonus paid etc and deductions for a specified time period, usually a month. A salary slip is a document issued by an employer to an employee.