#SALARY SLIP COPY PROFESSIONAL#
Professional Tax or Fund: It is a state tax which is implemented in certain circumstances. It generally the most sought after option for tax saving and retirement planning. It is the mandated deduction every month from an employer salary. Provident Fund (EPF): EPF is a compulsory saving amount which is contributed by the employee and the employer.
![salary slip copy salary slip copy](https://cdn.policybazaar.ae/seo/images/c2FsYXJ5LXNsaXAtZm9ybWF0MTYwNDMwMDQxNTkyNw==.jpg)
20,000 will have this deduction implemented. For instance, in a particular country an employee with salary at least Rs. For each different country, there is a fixed amount of employee’s salary to which ESI is applicable. There many other allowances such as lunch allowance, fuel allowance, telephone allowance etc which are all fully taxable.Įmployee State Insurance (ESI): This deduction is applicable for government employees only in order to pay their contribution to get medical benefits. Special allowances are also 100% taxable. It is also 100%taxable.Įmployees’ Special Allowance: Whatever the balance left to be paid to the employee after the above allowances, gets paid under this allowance. This comes to you as a lump sum at certain time of the year. Performance Bonus: This is the pay that is linked to performance often evaluated on the basis of predetermined targets. This allowance can be taken for travelling expenses only with your spouse, children or parents but not with other relatives. You are allowed to claim this for 2 trips in a block of 4 years. The amount that comes under LTA is completely tax free. Leave Travel Allowance (LTA): This is amount which your employer pay for your domestic travelling. So, if you pay rent then it’s definitely a great way to save on some taxes.Ĭonveyance or Transport Allowance: The employer also pay transport allowance for your commute between work and home. It is partially or completely exempted from taxes. Therefore, HRA is provided to all employee to meet their accommodation expenses. Employees who live in rented apartments or houses. House Rent Allowance (HRA): Allowances related to the expenses of rented accommodation. Overtime Allowance: It is the amount paid for the extra time you worked for the company during national holidays etc. Its amount may vary from company to company but up to Rs, 15,000 per year is exempted from tax provided you furnish proof of expenses. The amount is usually the reimbursed expense and you would need to provide sufficient proof of expenses such as medical bills and doctors prescriptions. Medical Allowance or Reimbursement: This is the allowance that the employer pays for any of your medical expenses during the period of employment. This amount is calculated as a percentage of basic salary to mitigate the effect of inflation. Given below are the details of each allowance:ĭearness Allowance: This is the separate allowance paid to employees’. Allowances could be fully taxable, partially taxable and even non-taxable.
![salary slip copy salary slip copy](https://www.allbusinesstemplates.com/thumbs/b007838d-a5ce-4c6b-9c9b-0021bd86b252_1.png)
Ideally it should be around 40-50% of your CTC (cost to company) but it can differ from organization to organization.
![salary slip copy salary slip copy](https://sedinfo.net/wp-content/uploads/2018/10/pifra-salary-slip-sample.jpg)
![salary slip copy salary slip copy](https://www.lopol.org/sites/default/files/public/inline-images/salary-certificate-form-r1.jpg)
‘Salary slip’ tells about your take home salary and the total deductions from the salary in a particular month. Although it is not the easiest financial document to decipher, but it is not very difficult to decode. This is so because of the structure of your salary and tax implications on it. The monthly salary that is credited to your bank account is always less than what you signed up for in the employment offer letter.
#SALARY SLIP COPY FOR FREE#
Download 60+ Salary Slip Templates for Free (Excel and Word) to help you prepare your own Salary Slip easily.