Yes, you can compare an employee's Taxable income and Net tax as per the Old Regime and the New Regime.
The old tax regime in India involves traditional income tax calculation with tax slabs and deductions, allowing taxpayers to claim specified exemptions.
In contrast, the new tax regime offers lower tax rates but reduces deductions and exemptions, giving taxpayers the choice based on their financial circumstances and desired tax benefits.
To view the comparison based on the Old Regime and the New Regime, the admin must perform the following actions:
- From the greytHR Admin login, navigate to Payroll > Published Info > IT Declaration. The IT Declaration page opens.
- From the select an employee... search box, search for the employee whose Taxable Income and Net Tax you want to compare.
- If a plan is already created, you can view a comparison on the IT declaration page.
- If the employee has not created a plan, click + Create Blank Plan. IT Savings <Plan name> page appears. A blank plan is created on behalf of the employee.
- On the IT Savings <Plan name> page, you can view a comparison between the old regime and the new regime. Each regime will show the Taxable Income and Net Tax amount based on the plan you have created. Also, a Maximum Benefit tag appears to help you in decision-making.
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Related Links:
❓FAQs- To read more FAQs about IT Declaration, click here.
📃Documentation:
- To learn more about the IT Declaration page, click here.
- To learn more about viewing an employee's IT Statement, click here.
▶Video- To watch the video on IT Declaration, click here.
📢Product Update- To read about the product update, click here.