It is associated with the increasing cost of living and hence, is depended on the location of the employee. Your income tax amount is also decided by the basic salary.ĭearness allowance (DA) is paid to reduce the impact of inflation on the employee. The higher your basic salary, the higher will be allowances as well as deductions. A percentage of your basic salary is allotted for other allowances. Your basic salary decides various other components of the salary slip. The Basic Salary constitutes nearly 35-40% of your gross total salary. The major components categorised as incomes or earning in a salary slip are Basic Salary, Dearness Allowance, House Rent Allowance, Conveyance Allowance, Leave Travel Allowance, Medical Allowance, Performance Bonus and Special Allowance. In cases where they are not able to provide a salary slip regularly, you can ask for Salary Certificate.
#Lop in salary slip download#
Usually, the latter way is preferred so that the employee can download it at any time and there will not be any chances of it getting lost, unlike the printed copy.
#Lop in salary slip pdf#
It could either be a printed hard copy or an electronic soft copy in the PDF format. It is in fact the legal right of every employee to ask his /her employer to provide a salary slip. To sum up, importance of salary slip areĮvery salaried employee is eligible for a salary slip. In addition, your salary slip helps you to calculate the retirement savings through the PF amount deducted. With the help of this, you can choose based on an economical benefit wisely. While seeking for a new employment, you can negotiate about the salary by checking with your previous pay slip. It is a proof of your monthly income to determine your repayment potential, the amount to be availed as well as an assurance of money being repaid. Your salary slip acts as an important document while applying for credit card, loan, mortgage and other borrowings. You may look for a loan or may borrow money in times of necessity. The salary slip gives employees access to various free or subsidised facilities provided by the government such as medical care, subsidised food grains, etc. Your salary contains different components like Basic Salary, HRA, DA, other allowances like medical or travel and all of these have different tax treatments.Īn account of these components helps you to calculate your income tax savings and to maximise the same. Your salary slip acts as an important document when it comes to Income Tax planning. Hence, it is your right to ask your employer for a salary slip. The income tax amount which you need to pay totally depends on the salary slip and the income tax return amount, which you claim from the government.