Dear Ashvini,
It is a good idea to issue wage slips as its make the wage/salary process more transparent and structured. I see some very good detailed information that has been given by a member.
I just wish to add to that a few pointers. along with S & E act, you also need to adhere to Minimum wages act. As per the act, the format of the Wage Slip is given in Form XI.
So, firstly you need to ensure that the headings given in Form XI are incorporated in your salary slip. Its a very simple document and all headings are quite easily included in pay slips. (You can do a search for "Form XI wage slip"
Secondly, as per the format you have attached, you have shown the CTC structure. Do you intend to keep the same heading liners? Under the assumption that you will keep it same, may I suggest :-
a) You don't need to show the % for each head.
b) Preferably combine the heads of Basic +DA, since the requirement for Minimum wage is that Basic +DA shouldn't be less than the Min wage/Special allowance. Else every 06 months you may need to keep revising it. This is not mandatory, but only for sake of brevity.
c) Legally in Maharashtra you need to pay only 5% of basic +DA as HRA. However, industry standards take it upto 40% to 50% of basic +DA. Gross is not taken into account here.
d) Generally if you have DA , then CCA maynot be a required heading, however, its as per the company requirement.
e) Similarly instead of terming Special Allowance as such, you may want to change it to project allowance.
Reasoning for pt d & e is that the terms Special Allowance and DA are used interchangeably in industries and state declaration for minimum wage.
Thought of suggesting these since you are already involved in making good changes within the company, so perhaps these may help.
Warm Regards,
Deena Jagasia