Salary slip format in excel with formula

SALARY SLIP FORMAT IN EXCEL WITH FORMULA FOR FREE

There many other allowances such as lunch allowance, fuel allowance, telephone allowance etc which are all fully taxable.Д®mployee State Insurance (ESI): This deduction is applicable for government employees only in order to pay their contribution to get medical benefits. Special allowances are also 100% taxable. It is also 100%taxable.Д®mployeesвЂ™ Special Allowance: Whatever the balance left to be paid to the employee after the above allowances, gets paid under this allowance. This comes to you as a lump sum at certain time of the year. Performance Bonus: This is the pay that is linked to performance often evaluated on the basis of predetermined targets. This allowance can be taken for travelling expenses only with your spouse, children or parents but not with other relatives. You are allowed to claim this for 2 trips in a block of 4 years. The amount that comes under LTA is completely tax free. Leave Travel Allowance (LTA): This is amount which your employer pay for your domestic travelling. So, if you pay rent then itвЂ™s definitely a great way to save on some taxes.Д¬onveyance or Transport Allowance: The employer also pay transport allowance for your commute between work and home. It is partially or completely exempted from taxes. Therefore, HRA is provided to all employee to meet their accommodation expenses. Employees who live in rented apartments or houses.

House Rent Allowance (HRA): Allowances related to the expenses of rented accommodation. Overtime Allowance: It is the amount paid for the extra time you worked for the company during national holidays etc. Its amount may vary from company to company but up to Rs, 15,000 per year is exempted from tax provided you furnish proof of expenses. The amount is usually the reimbursed expense and you would need to provide sufficient proof of expenses such as medical bills and doctors prescriptions. Medical Allowance or Reimbursement: This is the allowance that the employer pays for any of your medical expenses during the period of employment. This amount is calculated as a percentage of basic salary to mitigate the effect of inflation. Given below are the details of each allowance:Дearness Allowance: This is the separate allowance paid to employeesвЂ™. Allowances could be fully taxable, partially taxable and even non-taxable. Allowances: It is the amount received by an individual paid by his/ her employer in addition to the salaryВ toВ meet some service requirements.

It depends upon the grade of the employee within the salary structure of an organization. So basically this is the core of salary and all other calculations are made on the basis of this salary. Irrespective of the amount, your entire basic salary is taxable. Ideally it should be around 40-50% of your CTC (cost to company) but it can differ from organization to organization.

Basic Salary: This is the fixed amount that is the largest chunk of your salary.

Here are the components of a standard pay slip. However, a regular salary slip has two major components i-e Earnings and Deductions.Д¬omponents of a Salary Slip: AlthoughВ a salary slip structure varies from company to company. The upper section will have information about you such as your employee ID, date of joining, number of months worked in this month, leave details of the month, bank details where salary is credited and other information mentioned. Your cost to company includes some variable components as well like bonuses, which may appear in your salary only once or twice in a year depending on how it is disbursed by your organization. Do not directly correlate the monthly income shown in the slip with the cost of company or CTC filler. вЂSalary slipвЂ™ tells about your take home salary and the total deductions from the salary in a particular month. Although it is not the easiest financial document to decipher, but it is not very difficult to decode. This is so because of the structure of your salary and tax implications on it. The monthly salary that is credited to your bank account is always less than what you signed up for in the employment offer letter.

SALARY SLIP FORMAT IN EXCEL WITH FORMULA FOR FREE

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Salary slip format in excel with formula