Perquisites are one of the components in the salary structure of an employee.
The perquisite component refers to the value of additional benefits or amenities provided to an employee by their employer, in addition to their regular salary or wages. It is an important consideration for both employees and employers, as it can have implications for tax calculations, reporting, and compliance.
To revise the Perquisites value, the admin must perform the following actions:
- From the greytHR Admin portal, navigate to Payroll > Payroll Inputs > Salary. The Salary page opens.
- From the Search by Emp No/Name search box, enter the employee number/name for whom you want to update the component value. The Component Group table appears.
- In the Search by components search box, search for PERQUISITE ITEMS.
- Under the PERQUISITE ITEMS section, select the item you want to edit.
- Click the Edit icon. Edit pop-up appears.
- Click +Add Row to add a new row in the pop-up.
- Under the Amount column, add the value of perquisite.
- Fill in the other required details and click Save. A success message appears.
- Click the X icon to close the pop-up.
- On the Salary page, click Process Payroll. A Processing Payroll pop-up appears to revise the component value.
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Related Links:
❓FAQs- To read more FAQs about Income Tax, click here.
📃Documentation- To learn more about Income Tax declaration, click here.
▶Video-To watch the video on Income Tax, click here.
📢Product Update- To read about the product update, click here.