9 ready-to-use Salary Slip Templates in Excel, Google Sheets, and Open Office Calc to issue a salary slip at the end of the month in just a few minutes.
As per the law, Every organization issues a salary slip to their employees at the end of the month or whenever the salary is paid. We have compiled the top 9 frequently used salary slip templates. Choose the one that best suits your requirement.
Table of Contents
What is a Salary Slip?
Salary Slip is a payroll document that contains details of salary paid to any employee which include basic salary, allowances, deductions, attendance, leave record, etc.
We have created the 9 ready-to-use Salary Slip Templates with predefined formulas. You just need to enter the payroll data of your employees and print the salary slip.
Components of Salary Slip
There are three major components of the Salary: Basic Pay, Allowances, and Deductions.
Basic Salary
Description: Basic salary is the fixed amount to be paid to an employee addition of any allowances or subtraction any deductions. Usually, the basic salary is 40-50% of CTC. It is a part of Take-Home Salary.
Taxability: Basic salary is 100% taxable if it crosses the Income Tax Slabs.
Part of Take-Home Salary: Yes.
Allowances
In addition to the basic salary, Allowances are extra financial benefits that employers provide to their employees.
Dearness Allowance
Description: In India, Pakistan, and Bangladesh, employers provide Dearness Allowance A as the cost of living adjustment allowance. Government employees, public sector employees, and pensioners get to DA. DA is auto-calculated. DA (Dearness Allowance) is 4% to 10% of basic pay depending on the contract.
Taxability: Dearness Allowance is fully taxable for individuals who are salaried employees.
Part of Take-Home Salary: Yes.
House Rent Allowance (HRA)
Description: House Rent Allowance is the amount allocated by an employer to the employee as a portion of their CTC salaries. It is decided based on different criteria like the city of residence and salary grade. For employees in a metro city, it is 50% of the basic pay whereas employees of a non-metro city it is 40% of the basic pay.
Taxability: This allowance is exempted up to a certain limit from income tax.
Part of Take-Home Salary: Yes.
Conveyance Allowance
Description: Allowance or money to compensate for an employee’s travel expenses between their residence and workplace is Conveyance Allowance. The employer calculates this allowance based on employee attendance.
Taxability: The income tax allows a maximum exemption of Rs. 1600 per month or based on the actual amount in your salary slip.
Part of Take-Home Salary: Yes.
Medical Allowance
Description: The employer credits a fixed amount as a medical allowance along with the salary to the employee’s account every month. Medical allowance is calculated based on applicability to employees as per the contract.
Taxability: This amount is exempt up to a maximum of Rs. 15,000 per year from your income tax.
Part of Take-Home Salary: Yes.
Special Allowance
Description: The special allowance is a fixed allowance given to employees to meet certain requirements over and above the basic salary.
Taxability: 100% taxable.
Part of Take-Home Salary: Yes.
TA – Travel Allowance
Description: Traveling allowance is the amount paid or allotted to an employee by the employer for traveling to another place for business purpose.
Taxability: 2 journeys in a block of four calendar years can be claimed.
Part of Take-Home Salary: Yes, based on the actual amount an employee spends on travel for business.
Bonus Pay
Description: An employer pays the Bonus pay as a reward pays to his employee for his good work. Companies pay bonuses yearly based on the overall financial performance of the organization or employee performance. Usually, the employer pays such amounts during festive seasons.
Taxability: 100% Taxable.
Part of Take-Home Salary: Yes, based on the actual amount an employer pays.
Deductions
Employee Deductions are the amounts subtracted from an employee’s gross pay to reach net pay.
Provident Fund (Employee Contribution)
Description: Employee Provident fund is a mandatory retirement benefits scheme for salaried employees. Under this scheme, the employee makes a stipulated contribution from his salary. The government decides this percentage. Currently, it is 12%.
Impact on Take-Home Salary: Yes, the employer deducts this amount from the Gross Salary.
Taxability: After 15 years of maturity, the full PPF amount can be withdrawn and all is tax-free, including the interest amount as well.
Salary Advance
Description: When an employee draws in full or portion of salary in advance, it refers to as Salary advance. While calculating the salary the employer deducts the same from the salary.
Impact on Take-Home Salary: Yes, the employer deducts this amount from the Gross Salary.
Taxability: 100% taxable.
Professional Tax
Description: Professional Tax is a tax that a government levies on professionals based on their salary/monthly income.
Impact on Take-Home Salary: Yes, the employer deducts this amount from the Gross Salary.
Taxability: The maximum amount payable is Rs. 2,500/Year. based on predetermined slabs. Usually, it is around Rs. 200 a month which amounts to the maximum payable Rs. 2500 in a year in India.
Tax-Deducted At Source (TDS)
Description: Tax Deducted at Source. It is the income tax that an employer deducts from the salary of the employee. The employer deposits this collected tax to the IT Department.
Impact on Take-Home Salary: Yes, the employer deducts this amount from the Gross Salary.
Taxability: This amount is an advance income tax that an employer collects on behalf of employees and deposits to the government. This amount is deducted while paying your income tax against the TDS certificate given by the employer.
Salary Slip Templates
The salary slip is different for industry and organizations. Some companies pay in cash, some through cheque and some through direct bank transfers.
Furthermore, all these templates are available in 3 file formats – Excel, Google Sheets, and Open Office Calc. Click on the icon button to download the desired format. The functioning and formulation are the same in all three formats.
Important Note: To edit and customize the Google Sheet, save the file on your Google Drive by using the “Make a Copy” option from the File menu.
Lets us discuss each template in brief.
Download Simple Salary Slip Template
Simple Salary Slip Template consists of basic details of employees like employee id, employee name, designation, date of joining, basic pay, allowances, deductions, etc. When you enter the amounts it will automatically compute the Net Salary.
Hence, this template is useful to small companies where there are no provident fund or other detailed deductions.
Excel Google Sheets Open Office Calc
Click here to Download All HR & Payroll Excel Templates for ₹299.
Additionally, you can download other HR and Payroll related templates like Salary Slip, Attendance Sheet, Weekly Timesheet, and much more.
Download Corporate Salary Slip Template
Corporate Salary Slip Template, as the name suggests is mostly used by big MNCs and corporates for employee’s salaries.
These templates consist of pre-defined formulas. Thus, it will automatically calculate the subtotals for gross salary, allowances, deduction, and also calculate the final payable amount of the salary.
Excel Google Sheets Open Office Calc
Download Salary-Slip Template With Taxes
Salary Slip Template with Taxes consists of tax deduction apart from allowances, deduction, and other related items.
This template useful to medium scale industries/organizations where tax is mandatory to be deducted at source.
Excel Google Sheets Open Office Calc
Download Salary-Slip Template Without Taxes
Similar to the above version this template doesn’t include taxes. All other items are the same. This is useful to small industries for whom the TDS is not mandatory. The user just enters the amount and it will automatically calculate the totals.
Excel Google Sheets Open Office Calc
Download Salary Slip Template Without Bank Details
Salary Slip Template Without Bank Details is for those companies who provide salaries to their employees by cheque or in cash. It can be useful for offices in small towns or small companies that have no more than 10 employees.
Excel Google Sheets Open Office Calc
Download Salary Slip Template Without Bonus
Salary Slip Template without bonus doesn’t consist of a bonus salary pays. This template is for those companies that have no bonus salary policies. Though this type of company is less.
Excel Google Sheets Open Office Calc
Download Salary Slip Template With Yearly Bonus
Salary Slip template with yearly bonus consists of additional space for the payroll assistant or accountants to enter the bonus pays a and when required. The employer pays bonuses once or twice a year.
In India, employees usually get bonus pays on Diwali or Christmas depending on company policy. In the Middle East, this happens during Ramadan whereas in the west it is during Christmas.
Excel Google Sheets Open Office Calc
Download Salary Slip Template With Provident Fund
This Template is specifically for Indian organizations, where the provident fund is mandatory. It includes automated Provident Fund calculation according to the government rules. If they change you need to make minor changes in the formulas.
This template is useful to HR assistant, accountants of medium and large scale companies in India.
Excel Google Sheets Open Office Calc
Download Salary Slip Template with Leave Record
This template is similar to a simple salary slip. It contains the allowances, provident funds, government taxes, TDS, overtime, and also the yearly leave record of the employee.
This can be used by all organizations either it is small or big. Enter the amounts and it will automatically calculate the Net Salary Amount as it contains predefined formulas.
Excel Google Sheets Open Office Calc
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Frequently Asked Questions
Is employer contribution to the PF part of CTC?
Yes, It is part of CTC.
Is Employer Contribution to the PF Deducted from Take-Home Salary?
No, the employer doesn’t deduct it from Take-Home Salary but a part of your CTC.
Does the employee need TDS Certificate for Income Tax?
Yes, the employer needs to submit the TDS Certificate for income-tax purposes.
Does an employee need to pay tax if his/her employer has already deducted TDS?
If the employer has no other income except Salary then he need not pay any income tax. The employee might be eligible for Tax Refund as other income tax credits are not included.
Are these all Salary Slip Templates according to the Law?
Yes, all these templates are according to Indian Law.
On which amount is HRA calculated?
Mostly, the employers calculate HRA on (Basic + Dearness Allowance).
Does higher basic pay increase your tax liability?
Yes, the higher the basic pay, the higher the tax deduction amount.
