A monthly statement breaking down an employee's earnings, deductions, and net pay for that pay period.
A payslip is the document — physical or digital — that itemises an employee's pay for a given month: gross earnings broken into Basic, HRA, and other allowances, followed by deductions like PF, Professional Tax, and TDS, ending in the net amount credited to the bank account.
Payslips are also a legal necessity, not just a courtesy — they're the primary proof of income for loan applications, visa processing, and rental agreements, and are required for the Form 16 reconciliation employees do at tax filing time.
MedleyHR handles PF, ESI, TDS, and Form 16 automatically — free for up to 10 employees. Start free →
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