To declare an employee's investments or income tax, perform the following actions:
- From your greytHR Admin login, navigate to Payroll > Published Info > IT Declaration. IT Declaration page opens.
- From the Search Employee search box, select the employee, whose investments you want to declare.
- Click +Create Blank Plan. The IT Savings: Plan A page opens.
- Fill in all the investment details under the relevant tabs: Deduction - Chapter VI A, Exemptions - Section 10, and Other Income / Section 24.
- Click Save & Next after filling in the details under each tab. The declarations are saved, and you are taken to the next section.
- Click Save & Next under IT Statement tab. You will be taken to Select Regime tab where you can select the regime.
- Under Select Regime tab, you can see a provision to select business income labeled as Do you have business income?. Click Yes option if the selected employee has a business income. Click No option if the selected employee does not have a business income.
Select the required regime from the Select an income tax regime to submit and declare IT drop-down list. This is a mandatory field.
Click Consider to declare and consider IT for the selected employee.
- A Consider IT Declaration pop-up appears. Click Confirm to consider the IT declaration for payroll. The investment is declared and now appears under the Declared by admin section. The plan appears as approved for the employee.
Based on the declarations that you make, each plan will show the Taxable Income and Net Tax amount. Also, a Maximum Benefit tag will appear to help you in decision-making.
The following texts appear on plans based on their status.
CONSIDERED- appears when the declaration is considered for calculation.
IN PROCESS- appears when a plan is in the process of getting approved.
OVERRIDDEN- appears when a previously approved plan (of the same month) is overridden by a plan created by the admin.
❓FAQs - To read more about IT Declaration, click here.
▶Video - To watch the video on IT Declaration, click here.
- To read more about IT Declaration, click here.
- To read more about viewing employee's IT Statement, click here.
📢Product Update - To read our product update, click here.