Professional Tax is also deducted from the monthly salary of an employee, which is according to the Income tax slabs.Provident Funds needed to be conducted from the monthly salary of an employee.Many other allowances are given to the Employees, which are according to their designation.

Bonus Allowance is given to the employee to encourage them to work.Medical Allowance, in which the employee is given medical expenses, while he is in employment.Leave Travel Allowance which covers the travel expenses of the employee and his family when they are on leave.Conveyance Allowance which helps to cover the travel cost from work to home.The house rent allowance is decided as per the location of the house House Rent Allowance (HRA) which is paid to the Employees.Dearness Allowance (DA), which helps to know about the allowance paid to the Employees to reduce the impact of inflation.Basic salary, in which it comprises 35% or 40% of the total salary.In the Income section, there are several parts to be added, such as: The elements of salary slips include Incomes and Deductions: Incomes When it comes to applying for a new job or going out of the country, then the salary slip is the proof of the employee, that he has worked in the company.The salary slips are required to get loans from banks The salary slip helps to certify that their lending amount will be repaid by the person. With the help of the salary slip, the lender can be proven trustworthy.The salary slip allows the employee to attain free facilities such as medical care, food grains subsidy, etc.With the help of the salary slip, the tax department can identify how much refund is to be given to the employee. Salary slips help to maintain the income tax calculation. What is the Importance of the Salary Slip? Basis for Income Tax Paymentįor the income tax calculation, the salary slips are required.

Hdfc bank employee salary slip