Tax planning and investment declarations are done by the employees for receiving maximum tax exemption for the next financial year. Based on the declaration done by the employee, his/her income tax is computed and deducted monthly.
However, at the end of the financial year, the employer must collect all the proof of his/her declared investments from the employee. The employer must then verify the remit the correct tax amount to the Income Tax department.
Proof of Investment module (POI) in greytHR, takes care of the following activities:
- Ensures quick & hassle-free verification of declared investment against actual investment. As data is updated at the source by the employee, data entry mistakes are minimal.
- Sends emails to employees of approved and rejected proof items.
- Sends reminder emails to employees who have not submitted their declaration. As this communication happens before the final payroll processing, employees have an opportunity to fix issues and ensure that correct tax deductions happen.
- All the rejected POIs will have remarks. This leaves less possibility of non-clarity for the employee.
Related Links:
- Documentation Page - To learn more about the POI process from our documentation page, click here.
- Product Update - To read our product update, click here.
- Video:
- To watch the video on the POI process, click here.
- To understand employee's POI submission process in old ESS, click here.
- To understand employee's POI submission process in new ESS, click here.