Employees Provident Fund (EPF): This comprises a compulsory deduction in your salary slip.An employer may categorize such allowances under a specific head or group them as “Other Allowances”. Other Allowances: This comprises the various additional allowances paid by an employer for any reason.Performance and Special Allowance: This is given to encourage employees for a better performance.You can claim a part of the HRA as a tax deduction, provided you live in a rented house as per Section 10 of the Income Tax Act, 1961.
The amount of HRA depends on the location and ranges between 40%-50% of basic pay. House Rent Allowance (HRA): It is an allowance to help people pay their house rent.This pay slip component typically features in case of government employees. It is completely taxable and need to be declared while ITR filing.
Dearness Allowance (DA): Calculated as a percentage of your basic pay, DA is given to offset the impact of inflation. It also serves as a basis for determining the other components of salary. Basic Salary: This comprises 35% to 40% of your salary, thus it is perhaps the most important component of salary. What are the Components of a Salary Slip? 1. The above format is just an illustrative example and your salary slip may include or exclude some of the components shown in the example. Gross Pay and Net Pay in numbers as well as words. Itemised list of Earnings and Deductions. Total Work Days, Effective Work Days, Number of Leaves. EPF Account Number, UAN (Universal Account Number). Employee PAN/Aadhaar, Bank Account Number. Employee Name, Employee Code, Designation, Department. Company name, logo and address, Salary Slip month and year. Following is a basic template for a salary slip includes the following: Format of Salary Slipĭifferent companies follow different formats of salary slips. While most employers provide digital pay slips, other might provide physical copies of the same. Some smaller companies might not regularly provide a salary slip and in such cases, you can ask your employer for a Salary Certificate. A salary slip is only available to salaried employees and your employer is responsible for providing you a copy of your pay slip every month.
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