It also aids in salary negotiations with prospective employers or for new positions. On the basis of their prior salary slips, employees might get offers from prospective companies. When applying for loans, credit, mortgages, and other borrowings from banks and financial institutions, this document is crucial.
Salary slips ensure lenders that their loans will be paid back. It aids in the preparation of Income Tax Returns (ITR) and helps to establish how much tax is owed or how much of a rebate the employee is entitled to for the year. The salary slip acts as the basis for calibration of income tax. Employees have access to a number of free or heavily discounted government services, including health care, subsidised food, etc., through their salary slip.
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