Salary slip is of great use, know what important information is hidden in it

Salary Slip Salary slip contains two things – one is the in-hand salary and the other is the deduction part. By combining both, your monthly CTC ie (Cost to the Company) is formed.

Employed people get a salary every month. After this, the salary slip from HR comes in the mail. But, most people are only concerned with salary and do not even see the salary slip. But all such information is hidden in your salary slip, which can be useful at the time of job change or increment. Actually, when you search for another job, you cannot decide how many packages to ask for. But if you understand the salary slip carefully then this work will be done easily.

Salary Slip Salary slip contains two things – one is the in-hand salary and the other is the deduction part. By combining both, your monthly CTC ie (Cost to the Company) is formed. It means how much the company is spending on you. All allowances are also included in the slip.

All this information can be taken from the salary slip

Basic Salary This is the most important part of your salary. Generally, your basic is 35-40% of the total salary. The higher your basic, the more tax you will have to pay. It is 100% taxable. Received as basic, in-hand salary.

1. HRA is 50% of the basic salary provided the employee resides in a metro city. If the employee lives in a tier two or tier three city, then the HRA is 40 per cent of the basic salary.

2. The amount left after deducting 10% of the basic salary from the rent you pay in a year while on rent can also be a house rent allowance. Note: In both of these, the company pays that part, which is less. You get tax exemption on House Rent Allowance.

3. Conveyance Allowance You get this in lieu of commuting to and from the office or going out of the office for work. This amount is decided by the company according to your job profile. The conveyance allowance is higher for those working in the sales department. This money is added to the in-hand salary only.

4. Leave Travel Allowance LTA is fixed in every company. The company gives you some holidays and travel expenses for a year. Some companies also include family members in this. Any other expenses you incur while on tour are not covered under this. Tax Exemption: For this, you have to pay the bills spent on travel. Whatever expenses are incurred other than travel, do not add to this. This amount is also a part of the in-hand salary.

5. Medical Allowance This is given to you in the form of medical cover. Sometimes the employees make use of this service as per the requirement, and sometimes they get the money reimbursed by showing the bill. You get it in hand, but some companies pay it annually, while some pay it on a monthly basis.

6. Performance Bonus and Special Allowance This is a kind of reward, which is given to encourage the employees. Every company has a different performance policy. It is fully taxable. It is added to your in-hand salary only.

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