A Complete Guide About Salary Slips

March 24, 2022 Finance Talk Fusion WeRIndia No comments

After a month full of hard work, diligence, and perseverance, the employee receives the reward at the end of the month called salary slip. A payslip is an essential document for all salaried employees.

To understand what a salary slip is, why it is important, and salary slip format, here is all the information for you.

What is the salary slip?

A salary slip is also called a payslip. It is a document that details the various components of your remuneration or pays the check. The salary slip also contains your employment details such as company logo, name, address, etc. The HR department of the employer provides salary slips to all the employees every month, either in the printed copy or the electronic form.

What is the use of salary slips?

The salary slip is a vital document for every salaried employee. Here is why:

1. Proof of employment

One of the crucial documents that are acceptable and authentic proof of your employment is the salary slip. If you are applying for a new job or visa, you must submit a few copies of your salary slip as proof of drawing salary and employment.

2. ITR filing

The salary slip contains the details of your income, including the basic pay, HRA, conveyance allowance, medical allowance, LTA, and more. It also includes tax treatments. Every employee needs to know the tax liability under various components to plan income tax savings for a year.

3. Getting loans and credit card

One of the eligibility factors to get loans and credit cards from the banks is your monthly income. A salary slip is a document that mentions your income. This payslip helps the bank determine your ability to pay back your loan and credit card dues.

How to download salary slips?

The HR team sends the salary slip to all the salaried employees via email or uploads the same on the salary slip portal. If you receive the payment slip via email, you can open the document, view the salary slip, and download it. If the same is available at the portal, these are the steps to view and download the salary slip.

For pay slip download, know how to view the payslip here:

● Log in to the salary slip portal by entering your credentials.

● Check for the link mentioning ‘Salary Slips.’

● Click on the ‘Payslip’ option.

● Choose the month and year

● View the salary slip

For pay slip download from the online salary portal, here are the steps to follow:

● Look for the download button once you view your salary slip using the steps mentioned above.

● Click on the download button.

● Go to the folder where you have saved the document.

● Open the file.

● You may have to enter the password.

● After entering the correct password, you can see the payslip.

● After pay slip download, you can also print a copy of the same

What is the salary slip format?

Different companies may use types of salary slip format. The basic format of the salary slip includes these details:

● Company name

● Company logo

● Company address

● Salary Slip month and year

● Employee Name

● Employee Number

● Employee Designation

● Employee Department

● Employee PAN number or Aadhaar number

● Employee Bank Account details

● Total Work Days

● Number of Leaves

● Earnings list including basic salary, DA, HRA, special allowance, etc.

● Deductions salary slip format includes EPF, PT, TDS, etc.

● PF, Gross Pay, Net Pay, and more.

Conclusion

A salary slip is an indispensable document that details your overall income under various components against your company’s services. It is an important proof of employment needed to apply for a loan, credit card, visa, and more.

Image Credit:- Foto di Steve Buissinne da Pixabay