Which deductions are included in online payslips?
21 May 2021
A deduction is an expense that your employees incur for an entire year. These expenses are deducted from gross income. Its purpose is to understand how much tax you owe. But make sure that these deductions are in order on your salary slip.
- Employee Provident Fund: It comprises a minimum of 12% of basic pay and is a mandatory tax deduction in the salary slip. Order Payslips Online at GetPayslips UK
- Tax Deductible at Source: It is deducted by the Income Tax Department. TDS is a major deduction on gross salary and can be reduced by investing in tax-saving schemes.
- Professional Tax: PT is an important payslip component and is deducted for all individuals with income. Apart from this, professional tax is calculated based on the tax slab of the individual.