Payroll Management System for Small and Medium Businesses

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FASTCOLLAB

• FASTCOLLAB GUIDE BASICS OF SALARY SLIPS

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• During our course of setting up Payroll
  structures for most of our customers, we have
  received lots of questions on What a salary slip
  looks like, what components it should have and
  how to give a pay slip to the employees. In this
  blog, we are going to cover basics of Salary
  Slips.
• Salary Slip is the documented proof of employees
  salary and incentives. It includes the breakup of
  the salary. The pay slip is useful in calculating
  the money earned and how much of tax is to be
  paid to avoid any penalties.
• Why Employer needs to issue Salary Slip?
• For an employer, it is a proof during audits if
  company is paying right amount of tax or not. For
  an employee, when they apply for the new job, it
  is the proof of how much salary and incentives
  employee was drawing in the previous company.
  Working professionals are always asked to produce
  Salary Slips when applying for loans in bank.

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• What information Employer needs to show in Salary
  Slip?
• The following is almost a complete list of
  components (or fields) which needs to be
  displayed on pay slips before issuing them to an
  employee. However, based on the type of business
  and position of employees, employers may choose
  to skip some of the below components.
• Name of the employee
• Companys name and logo
• Companys address
• Mode of payment
• Total payments
• Gross payments
• Net payments
• Incentives and perks
• Compliance deductions (PF, PT, ESI and TDS)

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• Log on to fastcollab
• More details payroll