If you are doing a job, then you must be familiar with the word ‘Salary Slip’ and every time you been waiting for your salary to be credited in your account. A salary slip is an important document for an individual who is doing sort of job.
What is a salary slip?A salary slip, or a pay slip is an official document released by a company/firm/organisation for its employee that contains a detailed list about the various elements of its employee’s salary amount. It has a period of 1 month and is reissued every month by the company. It can be generated either in printed or digital format.
Why does salary slip important?There are multiple reasons that make the salary slip an important document for an individual.
Income Tax: to plan your income tax payments, your salary slip contains elements like HRA, multiple allowances, etc that have different tax status and are used by to maximise your income tax savings at the end of the financial year.
Proof of Employment: Your salary slip also proves that you’re/were an employee of a company at a dedicated period. You are also asked to provide salary slip in a new job as your employee proof.
Loans: When you will be applying for any type of a loan, your salary slip will be required to meet your debt obligations, etc.
What is the format of a salary slip?The format of a salary is not standard and different companies use different formats given below are some of the main elements that are commonly used –
- Company name, logo and address, Salary Slip month and year
- Employee Name, Employee Code, Designation, Department
- Employee PAN/Aadhaar, Bank Account Number
- EPF Account Number, UAN (Universal Account Number)
- Itemised list of Earnings and Deductions
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For every employee, it is mandatory to have their salary slips with them as it is an important document for an employee for their personal and financial growth in future. We hope that our article has provided you the information that you were looking for. To know more about interesting facts and articles keep reading our articles and keep following us.