Employee IT declaration is a page on which you can declare your investment details and select a regime to avail tax benefits & exemptions from tax. You can submit your investment declarations at the beginning of the financial year.
New employees can declare investments at the time of joining. Investments can also be declared at the time of change in salary or investments if the IT declaration window is open. Income Tax declaration helps your employer to estimate your Income Tax (hereafter referred to as IT) for the current financial year.
To declare your IT declaration, perform the following steps:
- On your Home page, click 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 if you have already declared IT.
- 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 regime. The Regime page opens. 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 dependent 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 labelled as Do you have business income?. Click Yes option button, if you have a business income. Click No option button, if you do not have a business income.
Note: Kindly note that 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 that 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.
- 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.