How to Generate a Salary Slip
A salary slip can be generated by dividing the monthly gross salary into different heads of earnings and deductions. The earnings could include basic salary and a variety of allowances such as Dearness Allowance, conveyance allowance, house rent allowance, Leave Travel Allowance, telephone allowance, medical allowance, uniform allowance, computer allowance, servant allowance, etc. The deductions could be under the head of EPF, House Rent Recovery, Festival Advance Recovery, Loan recovery for any purpose sanctioned by the company, etc.
The apportionment of these heads depends on the company's decision in this regard, so you need to have a definite policy before sitting down to make a salary slip. In case you need help drafting a company policy for such allowances, you can seek guidance from the experts here.