18
hello,
good replies to the queiry.
The Gross salary constituted basic, da, allowances like rent, compensatory, travelling, transport etc. So the gross salary is before effecting any kind of deduction.
Then come the Deduction like Provident Fund, ESI, Income-tax, insurance, advances taken etc.
Finally the amount credited at our bank account, or paid in by cash/cheque is Net Salary.
In gist Net Salary = Gross Salary - Deduction.
As correctly pointed out by SC, the income tax is calculated based on the Gross Salary.
I wish our Gross goes up..... :) Deduction comes down and ultimately the NET goes up :)
wishes
senthil raj
From Costa Rica, San José
good replies to the queiry.
The Gross salary constituted basic, da, allowances like rent, compensatory, travelling, transport etc. So the gross salary is before effecting any kind of deduction.
Then come the Deduction like Provident Fund, ESI, Income-tax, insurance, advances taken etc.
Finally the amount credited at our bank account, or paid in by cash/cheque is Net Salary.
In gist Net Salary = Gross Salary - Deduction.
As correctly pointed out by SC, the income tax is calculated based on the Gross Salary.
I wish our Gross goes up..... :) Deduction comes down and ultimately the NET goes up :)
wishes
senthil raj
From Costa Rica, San José
HI,
please find .........
What is CTC ???
CTC (Cost To Company): It includes Employer contribution To PF (12%)
EXP: if CTC is Rs.8000
Employer Contribution To PF = 12% of CTC
i.e. 8000*12% = 360
What is Gross Salary???
CTC- Employer Contribution to PF
i.e. 8000-360 = 7640
Gross = 7640
What is Take Home Salary ???
Gross- employee contribution to PF - other deductions
Gross 7640 Employee contribution to PF (12%) 360
Other Deduction:
Mobile
Food
Cab
Regards,
Maniksing
From India, Bangalore
please find .........
What is CTC ???
CTC (Cost To Company): It includes Employer contribution To PF (12%)
EXP: if CTC is Rs.8000
Employer Contribution To PF = 12% of CTC
i.e. 8000*12% = 360
What is Gross Salary???
CTC- Employer Contribution to PF
i.e. 8000-360 = 7640
Gross = 7640
What is Take Home Salary ???
Gross- employee contribution to PF - other deductions
Gross 7640 Employee contribution to PF (12%) 360
Other Deduction:
Mobile
Food
Cab
Regards,
Maniksing
From India, Bangalore
Dear Swastik,
Can you plz forward me the format of salary slip.What items are madatory and what r not.
Actually people working in our organisation are not happy with the kind of salary slips we issue.
What deductions should be shown on the salary slip.
Thanks,
Richa
Can you plz forward me the format of salary slip.What items are madatory and what r not.
Actually people working in our organisation are not happy with the kind of salary slips we issue.
What deductions should be shown on the salary slip.
Thanks,
Richa
Hi Swastik,
PLz find the attached salary slip which we issue.We actually give the salary slip with the salary which is transferred into employee's accounts.
Can we give the salary slip mentioning the following items
Basic+HRA+Transport+Child education allowance+Conveyance Allowance(on which FBT is paid)+Bonus+PF.
Kindly reply ASAP.
Richa
PLz find the attached salary slip which we issue.We actually give the salary slip with the salary which is transferred into employee's accounts.
Can we give the salary slip mentioning the following items
Basic+HRA+Transport+Child education allowance+Conveyance Allowance(on which FBT is paid)+Bonus+PF.
Kindly reply ASAP.
Richa
Dear Richa,
I think some minor adjustments are needed and your payslip will be absolutely ok, so instead of modifying I am putting them here only
Keeping the same format just rename the two columns as PAYMENTS and DEDUCTIONS:
In place of TOTAL under PAYMENTS put GROSS PAY
In place of TOTAL under DEDUCTIONS put NET PAY
Yes you can also use the T format of Accounts.
In almost all Organisations which issue pre-printed and/or Computer Generated Pay Slip. All Headings under which payments that are to be made to the employees are kept and same with Deductions.
The headings under which payments are made or deductions are charged the amount is given and the rest is kept blank. For example in case of Bonus. The field will remain blank for 11 months and the month in which Bonus is paid the amount is shown. Same as in the case of Advances and Loans.
One more thing the Pay slip must have the Company Name and Logo.
Revert back for further queries.
Regards,
SC
From India, Thane
I think some minor adjustments are needed and your payslip will be absolutely ok, so instead of modifying I am putting them here only
Keeping the same format just rename the two columns as PAYMENTS and DEDUCTIONS:
In place of TOTAL under PAYMENTS put GROSS PAY
In place of TOTAL under DEDUCTIONS put NET PAY
Yes you can also use the T format of Accounts.
In almost all Organisations which issue pre-printed and/or Computer Generated Pay Slip. All Headings under which payments that are to be made to the employees are kept and same with Deductions.
The headings under which payments are made or deductions are charged the amount is given and the rest is kept blank. For example in case of Bonus. The field will remain blank for 11 months and the month in which Bonus is paid the amount is shown. Same as in the case of Advances and Loans.
One more thing the Pay slip must have the Company Name and Logo.
Revert back for further queries.
Regards,
SC
From India, Thane
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Gross Salary(1).xls