New Format Payslip For Employee Salary Details

By | January 6, 2022

All About Payslip For Company Employee Salary Details

To check the salary slip every month observe all the details including income, deduction, home pay, or net paycheck out the new payslip format for every month salary and you would be able to know how important it is for an employee To get all the details containing bank account and PF account PAN number download e payslip online

Payslip/Salary slip

The breakdown of the monthly salary deposited to an employee is provided to the employee by the respective employer or organization and is called a payslip or salary slip To explain the total account given to the employee the salary slip has different elements or particulars

The basic pay every month given to the employee called basic salary is also mentioned on the salary slip The salary slip is given to make sure sure that every employee has received the basic salary for the month In addition, all the extra benefits that an employee receives are also mentioned clearly on the salary slip and the most important fact about the salary slip is that it is not only important for the employee but is also important for the employer

The salary slip is valid proof of the time period in which the employee has worked and the employer has paid him a reasonable salary for that work

How Important The Salary Slip Is To an Employee?

For the period mentioned in the slip, the valid and authenticated proof of the amount deposited to the employee by an employer is mentioned within salary slip The payslip has all the elements of how the salary has been sent to you and revised But it is important to know that whenever an employee apply for a better position in any reputed organization it is mandatory for him to submit the salary slip of last 6 month that he has worked for verification purposes

Employee Management System EMS is used by all reputed organizations and employees as online management payroll. Some of them use SAP Management EPR and other use different software For the company you work for a particular Employee ID is given to you within the system and given a particular password to use and download your salary slip every month

Different Reasons To Use A Salary Slip

  • To File Income Taxes

Income taxes return are filled annually by all of the salaried employees and the individuals having valid income sources Along with necessary documents Employees have to attach salary slips as a payment proof

  • Home and Car Loan

If you are willing to apply for a loan and need money for a home, car, or construction you would have to attach your salary slip as a proof

  • Employment Proof

As it has been mentioned above, Without the salary slips no one is ready to believe that you have worked you any particular individual or company For future reference it is important to download salary slips every month for future reference  To get a job in another organization major IT employees have to submit the salary slip and they get better jobs in reputable organizations

What are the important Elements and Particulars mentioned within the salary slip?

The salary of the employee and its distribution in various sections is mentioned clearly within the salary lip and the complete process that how the salary is calculated

Breakdown Of Income Part Of Payslip

  • Basic Monthly salary

    The basic monthly package given to every employee other than benefits is the monthly salary. The basic salary is only 30 to 40% of the total salary

  • Home Rent Allowance

One of the biggest benefits IT employees and government employees are provided with is the home rent allowance For the particular month a line with a specific amount as HRA is given

  • LTA

Under LTA the LTA amount deposited to your salary is mentioned

  •  Bonus

To give bonuses is a part of legal work and the government of India has already made clear amendments for employers to give bonuses So all the additional bonuses given during festive season are mentioned within salary slip

Deductions On Salary Slip

The amount deducted from employee salary PF, Professional taxed and TDS are mentioned on salary slip and are a crucial part of salary slip

  • Provident Fund

According to the provident fund act, 12% of the employee’s basic salary is deducted and saving is done on its own and the amount saved can be withdrawn after retirement and in other different cases

  •      Professional Tax

     For the tax payment to the government of India, a specific amount is deducted from employee salary

  •       TDS     

The tax-deductible at sources is the amount being deducted by the employer from employees salary towards the PF act

 E-Payslip- How Does It Actually Work?

Online payroll management systems have been introduced by various employers and organizations as globally people are shifting towards online systems. To access the payslips online directly every employee is given a specific employee ID and password. Electronic Payslip Management Systems have been introduced to access the payslips online and e payslip facility is being used by all government organizations

 The payslip employees receive physically have a stamp and signature but e Salary Slip doesn’t have any stamp or signature but a note is given as the salary slip only work as original

Pay Slip To The Employer

For the employer, payslips are important for various reasons

  • Employee Assessment

An ‘increment’ as a revised salary is given to employees by organizations or companies to their employees And in the latest salary slips increment is mentioned which is decided by keenly observing previous salary slips

  •         Employee Management Convenience

        The number of employees is different in different organizations from hundred to thousands and without an online payroll management system it is extremely difficult to manage the employees

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