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The trend of dividing the total salary between basic and allowance began with the introduction of various allowances in the Income Tax Act of India. Which, technically, is an amount spent on you but may or may not benefit you immediately.Īs you may notice in your salary slip as well, the total income consists of multiple smaller components. CTC often include the premiums paid for employee benefit schemes as well.įor example, many employers nowadays include the group health and life insurance premium, gratuity premium and the employer’s EPF (or NPS) contribution under CTC. Few things you should note, however, are the three sections and clear classification of CTC and in-handĬTC or cost-to-company is typically the company’s cash outflow for your position.
Ctc means in salary slip download#
However, salary slips are not just a monthly receipt of your income, but also gives a detailed breakdown of your salary.īroadly, a salary slip will have three sections to it:ĭepending on the type of process your employer is using, you may receive the salary slip in your inbox, or can download from the HR portal. Salary slip is a legal document and proof of your income and deductions from your employer. The particulars of a salary slip are based on the gross tax slab of the employee, and one can reduce this amount by investing in tax saving investments like equity funds, PPF, NPS, and life insurance. Salary slips are required while taking loans, applying for credit cards, switching employment or making an investment that required furnishing income proofs. Salary slips are far more useful than just a paper to keep for a few extra facilities. It also reflects the amount deducted from one’s salary on behalf of the income tax department.
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This document contains a detailed breakdown of the employee’s salary including employer perks, deductions and allowances for a given month. A salary slip, also called a pay-slip is an official document issued by an employer to its employees, often after the salary is credited.