Salary Slip is a document which contains all the information about the components of your salary with relevant details about your employment like the date of joining the job, how much time you have been working, etc. Salary Slip denotes the amount you have earned with more information which makes things easier for both employer and an employee to track their income. Different companies issue it according to their terms, this can be released with every month or fortnight, just as the company feels right!
Knowing further about a Salary Slip, it is also known as Pay Slip which denotes the basic monthly pay of an employee and the information about their allowances. The Salary Slip can vary from employee to employee based on their work give, working hours, leaves, etc. Even the allowances vary, ultimately the salaries of different workers differ accordingly. Salary Slip is an essential document as it serves as a legal document and acts as proof in the times of legal issues.
Who gets a Salary Slip & How to get it!
Any person working for a firm or a company and is receiving a salary for their work is eligible to get a Salary Slip. This contains a copy of your monthly earnings for the work you give with general details of a worker. Although smaller companies do not tend to provide their workers with a Salary Slip in such case, if you need them for a record then surely you can ask a piece of written information with your monthly salary paid with the sign of the Employer which is enough to be kept as proof. One can ask for the Pay Slip from the employer or through the people of a company listed below.
- The company’s HR manages most of the salary part and is responsible for this. Hence, people can contact directly to the HR, requesting for their Salary Slip.
- If your earnings directly go to your bank account, then one can also ask the bank to generate an official Pay Slip. But this acts just the general information about a transaction and not any proof.
Format of a Salary Slip
Terms of Salary Slip can vary from company to company, and so does their format varies. But, some of this essential information is included in most of the Salary Slip no matter how big or small the company is. Hence, to know about the format and points of a general Salary Slip is given down below.
- The necessary information like name of the company and the employee, with the authentic company logo with the right date is mentioned in the Salary Slip.
- The Name of Employee, Employment or Employee code with the department the person was working is mentioned.
- Authentic identifications like PAN or the AADHAR Card with bank account number is mentioned in the Salary Slip.
- The number of days the person has worked for the company and how long it works per day is also included in most of the Salary Slips.
- The total Earnings and salary deduced with things like leaves are also mentioned.
These are some necessary details which are mentioned in a Salary Slip and pay as an authentic document. If an Employee wants more specific information, then they can surely contact the HR of their company and ask them to add the necessary details. But to a great extent, the basic information also works and is considered legal.
Different Aspects of Salary Slips
There are different views of a salary slip, and people may have various questions in their mind and hence to justify some more, there are different headings with views of a salary slip mentioned below.
Impact of Deduction on Salary Slip
The standard deduction was re-introduced in the Union Budget of 2018-19 by Mr Arun Jaitley. A maximum amount of Rs. Fifty thousand can be claimed as a standard deduction by the company with terms of government. This can reduce tax outgo for the employees who have paid work with the company. This replaces different allowances on a substantial basis of workers and even the pensioners.
Manual and E- Salary Slip
Talking about a decade back, most of the works were done manually, and similarly, Salary Slips were also handwritten with the actual sign of the company and used to have a government approval with their stamp and then is signed and stamped by the company too.
But right now, most of the Salary Slips are generated by the computer and hence work as E- Salary Slip. These can be printed in future as per one’s need.
The Salary Slip serves two purposes, namely the actual record of the salary of a worker and serves as a legal document also. Both the manual generated and computer-generated Salary Slip are considered to be equally legitimate, and people cannot amend the original Salary Slip made by the company or else may face legal issues as it is regarded as an offence.
Foreign Salary Slip
For the people who work in foreign companies and serve them also receive a Salary Slip which is also considered to be as legal like a normal country’s Salary Slip. Although, terms like ‘non-resident’ may be mentioned on your Salary Slip if you do not have any permanent residence in that country. These type of Salary Slip can help you make an offshore banking account.
Importance of a Salary Slip
Salary Slip is considered as the most important legal document when a person is working as a professional. Hence, some of the points which make Salary Slip as a vital document mentioned below.
- It decides whether one has to pay taxes or not, and if yes, then how much money has to be paid. It also makes clear how much will the government return on that income tax.
- Salary Slip acts like a legal document and thus, helps you avail different loans, bank credit, etc. and help people get access to their creditworthiness and repayment capability after availing for a loan.
- For some Arabian Gulf counties, it acts as a proof whether one is eligible to get a liquor permit or not and hence, one needs to present their income to the government to avail them.
Salary Slip is essential and must have a legal document for official purposes. One can also avail for handwritten Salary Slip if their company does not issue them officially. One should keep a record of their Salary Slip and keep them protected for any future use.