In terms of the raw/basic functionality, what you have is fine. The transactional logic is good.
Readability is the only concern I have, and would rewrite your code as (note, there are some spaces I added around some = conditions):
BEGIN TRANSACTION UPDATE SalaryTrans SET carried_forward_amount = @carriedForwardAmount, net_wage = @netWage, processed_date = @processedDate WHERE employee_id = @employeeID AND reference = @reference DELETE FROM CarriedForward WHERE employee_id = @employeeID INSERT INTO CarriedForward (employee_id, carried_forward_amount) VALUES(@employeeID, @carriedForwardAmount) COMMIT; I assume the business logic is correct. It is unusual to have a table in a database where deletes happen. I am more accustomed to having some sort of history for the data, and the delete is a logical thing, not a real delete. This is normally for audit/reporting purposes.