To declare income tax, your employees can perform the following actions:
- Navigate to Salary > IT Declaration. The IT Declaration page opens.
- If you are declaring IT for the first time, click Start Now. Click Edit to modify your IT details to declared IT again. The Edit Form page appears.
- Fill the details in sections and forms such as Sec 80C, Other Chapter VI-A Deductions, House Rent Allowance, Medical (Sec 80D), Income/loss from House Property, Other Income, and Income from previous employment.
- Click Preview to view investment details.
- Click Next to view a comparison between the old and new regimes. You can see a detailed comparison between the two regimes on this page.
- Click Next and the Select Regime page opens.
Note: As per the notification from the Income-tax department, a regime can be selected only once in the financial year. If you have business income, then regime selection will be restricted for the next financial year and your selected regime will be carried over to the next financial year. The Regime selection is completely dependant on the admin configuration of your settings. Your actions required under the Select Regime page will vary based on the admin configuration. However, Regime selection will be available by default if you are declaring your IT declaration for the first time.
- You can see a provision to select your business income labeled as Do you have business income? Click the Yes option button if you have a business income. Click the No option button if you do not have a business income.
Note: Kindly note this option is admin configurable. You can see this option only if your admin wants to capture your business income details. If your admin does not want to capture your business income details, this option will not be available for you.
- Select the required regime from the Select an income tax regime to submit and declare IT drop-down list. This is a mandatory field.
Note: Kindly note this option is admin configurable. Regime selection will be available by default if you are declaring your IT declaration for the first time. Consider that you have declared IT for one time, then you will be able to see this option only if your admin wants to re-capture your regime details. If your admin does not want to re-capture your regime details, this option will not be available for you.
- Select the acknowledgment check box. You will be restricted and cannot click Submit button without the selection of acknowledgment.
- Click Submit to declare your IT.
Note: The Submit button will appear at the bottom of the Select Regime page only if the admin releases the IT Declaration for you. Click Submit to send the plan for approval.
- A confirmation pop-up appears. Click Confirm to submit the IT declaration for payroll.
Note: As per the notification from the Income-tax department, you can select the Regime only once in a financial year. Under the Select Regime page, your regime selection will be locked if you have already selected your regime. If your regime selection is locked, you can see a message showing your selected regime and other details. The message might vary based on your selection of regime and business income.