Salary slips aid in the preparation of income tax returns When you apply for a job in a company or for admission to a university or travel visa, you will typically be asked to provide work information, which will be accompanied by your monthly payslips. You must obtain the cumulative values for the components like basic wage, HRA, transportation allowance, medical allowance, leave travel allowance, and other components of salary for the relevant financial year from your salary slips, which are subjected to varied tax treatment. If your firm offers monthly aggregate information, you must do the tax calculation using the last payslip of the year. If you don’t have all of your data on one salary slip, all you have to do is add up the monthly amounts to get the annual totals. Most allowances enable you to claim a deduction up to the number of your actual costs. The percentage of tax deducted, if any, will also be included on your payslip. If your overall tax burden is below the percentage of tax previously deducted, you may be eligible for a refund. A salary slip is useful for finding new jobs and salary negotiation
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