Yes, you can compare an employee's Taxable income and Net tax as per the Old Regime and the New Regime. To view the comparison based on the Old Regime and the New Regime, perform the following actions:
- Navigate to Payroll > Published Info > IT Declaration. IT Declaration page opens.
- On the IT Declaration page, 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.
- Documentation Page - To learn more about IT Declaration, click here.
- Product Update - To read our product update, click here.
- Video - To watch the video on IT Declaration, click here.