Hi All,
This is regarding the payslip stucture with different components of pay slip.
Q 1) What are the mandatory componenets of pay slip for "Propreitary Firm" ?
Q 2) Is there any statutary rule about what should be the percent of each of the compoenents compared to BASIC ??
What should be the percentage of HRA, Travel Allowance etc...
Pls. let me know.
Thanks,
Santosh
From India, undefined
1This is regarding the payslip stucture with different components of pay slip.
Q 1) What are the mandatory componenets of pay slip for "Propreitary Firm" ?
Q 2) Is there any statutary rule about what should be the percent of each of the compoenents compared to BASIC ??
What should be the percentage of HRA, Travel Allowance etc...
Pls. let me know.
Thanks,
Santosh
From India, undefined
Dear Santosh,
In my opinion we are required to issue wage slip under the applicable Minimum Wages Act/Contract Labour ( R&A) Act. Forms are provided by the applicable central/state Rules. These form provide us the components to be shown in wage slip. In general we see rate of gross salary, no of days of working, leaves & holidays, wages/salary earned & net pay. Basic & other allowances are fixed by the employer keeping in view the minimum rates of wages as fixed by the appropriate Govt. for the employees working in their employment.
With Regards,
R N KHOLA
Skylark Associates
SCO
, 01244264449
From India, Delhi
In my opinion we are required to issue wage slip under the applicable Minimum Wages Act/Contract Labour ( R&A) Act. Forms are provided by the applicable central/state Rules. These form provide us the components to be shown in wage slip. In general we see rate of gross salary, no of days of working, leaves & holidays, wages/salary earned & net pay. Basic & other allowances are fixed by the employer keeping in view the minimum rates of wages as fixed by the appropriate Govt. for the employees working in their employment.
With Regards,
R N KHOLA
Skylark Associates
SCO
, 01244264449
From India, Delhi
Hi santosh,
PF, ESI, bonus etc. are statutory component if applicable however allowances like HRA, Medical, conveyance, etc. are not statutory component these are subjected to provide the maximum tax benefit to employee,
Best Regard
Devesh Chauhan
From India, Basti
PF, ESI, bonus etc. are statutory component if applicable however allowances like HRA, Medical, conveyance, etc. are not statutory component these are subjected to provide the maximum tax benefit to employee,
Best Regard
Devesh Chauhan
From India, Basti
Dear all,
The provision for wages slip is meant for the proper awareness of the employee concerned as to what is the rate of his salary/wage, Allowances, No of pay days, Leaves availed, statutory deductions and net payable.
Accordingly, the pay slip should contain each and every component of his rates, earning, deductions and net payable. I do not agree with Mr Devesh Chauhan's suggestion for exclusion of certain components like HRA, medical, conveyance etc.etc. from wage slip.
P K Sharma
From India, Delhi
The provision for wages slip is meant for the proper awareness of the employee concerned as to what is the rate of his salary/wage, Allowances, No of pay days, Leaves availed, statutory deductions and net payable.
Accordingly, the pay slip should contain each and every component of his rates, earning, deductions and net payable. I do not agree with Mr Devesh Chauhan's suggestion for exclusion of certain components like HRA, medical, conveyance etc.etc. from wage slip.
P K Sharma
From India, Delhi
Dear PK Sharma
pls refer my post carefully i have not suggested to exclude the component like HRA, Medical, conveyance etc the employer may include or exclude it as per their choice No goverment Authority will insist the employer to provide these component as its not statutory however in order to provide tax benefit to employee. employer may add these component No issue,
Best Regard
Devesh Chauhan
From India, Basti
pls refer my post carefully i have not suggested to exclude the component like HRA, Medical, conveyance etc the employer may include or exclude it as per their choice No goverment Authority will insist the employer to provide these component as its not statutory however in order to provide tax benefit to employee. employer may add these component No issue,
Best Regard
Devesh Chauhan
From India, Basti
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Sample of Pay Slip.zip
Pay slip.xls