Note that not all employers offer all these. Your monthly salary income includes the following. There are 4 broad constituents of your salary slip: Net Salary = Basic Salary + HRA + Allowances – EPF – Professional tax – TDS Components of your salary slip Net salary is what you receive after deductions. Gross Salary = Basic pay + HRA + Other allowances It is the monthly salary/amount before making any deductions. Now that you know what is CTC, let’s look at its components, which include: What is gross salary ? This is the total amount that an employer spends on an employee in turn for the latter’s services. Your salary is expressed as an annual figure termed as the cost to the company. Your employer may either give your salary slip in paper or digital form. In case your employer fails to furnish your salary slip monthly, you have the right to demand the same. Typically, an employer furnishes a salary slip on the day of crediting your salary or a few days later. Yes, the issuance of a payslip is mandatory by law. Is the issuance of salary slip mandatory? It indicates the detailed salary breakdown, deductions, and tax cut at source. Is the issuance of salary slip mandatory?Īlso called a payslip, your salary slip is a document issued by your employer every month.
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