CREATE SALARY SLIP IN EXCEL SALARY SLIP FORMAT EXCEL

HOW TO CREATE SALARY SLIP IN EXCEL

SALARY SLIP FORMAT EXCEL

SALARY SLIP About the attendance sheet: In every organization attendance sheet creation is the important to work of the employee. It helps to pay the eligible remuneration to be paid the employee as per there their attendance here we use a formula such as a month edate text if countif date validation to find out the remuneration to be paid to the employee.

What are the Components of a Salary Slip?

 

1. Income/ Earnings
Basic Salary:

This comprises 35% to 40% of your salary, thus it is perhaps the most important component of salary. It also serves as a basis for determining the other components of salary.

Dearness Allowance (DA):

Calculated as a percentage of your basic pay, DA is given to offset the impact of inflation. It is completely taxable and need to be declared while ITR filing. This pay slip component typically features in case of government employees.

House Rent Allowance (HRA):

It is an allowance to help people pay their house rent. The amount of HRA depends on the location and ranges between 40%-50% of basic pay. You can claim a part of the HRA as a tax deduction, provided you live in a rented house as per Section 10 of the Income Tax Act, 1961.
Performance and Special Allowance:

This is given to encourage employees for a better performance. This component is completely taxable.
Other Allowances: This comprises the various additional allowances paid by an employer for any reason. An employer may categorize such allowances under a specific head or group them as “Other Allowances”.

2. Deductions

Employees Provident Fund (EPF):

This comprises a compulsory deduction in your salary slip. This component of your salary slip is at least 12% of your basic salary and diverted to an EPF account. Notably, your contribution towards the EPF is exempted from tax as per Section 80C of Income Tax Act.

Professional Tax:

This pay slip component is levied on all individuals, including the salaried, professionals and traders who have an income. It is levied in some states only and calculated on the basis of an individual’s tax slab.
Tax Deductible at Source (TDS):

It refers to the amount of tax deducted by your employer on behalf of Income Tax department. You can reduce TDS by investing in tax-saving schemes and submitting the appropriate documents to your employer.

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