Income tax is a form of tax imposed by the government on an individual's earnings or income. It is typically based on the individual's total income, which includes salaries, wages, profits from business or investments, rental income, and other sources.
To declare your income tax, the employee must perform the following actions:
- From the greytHR ESS portal, navigate to Salary > IT Declaration. The IT Declaration page opens.
- If you are declaring IT for the first time, click Start Now.
- To fill the details in all the sections and forms such as Sec 80C, Other Chapter VI-A Deductions, click Add to declaration under each section. The selected sections pop-up appears.
- Fill in the amount as per your requirements.
- Click Save to save the amount under the selected section.
- Similarly, fill in the amount under all the sections.
Note: You can preview your IT declaration by clicking Preview. - Click Next to view a comparison between the old regime and the new regime. The Regime page opens. You can view a detailed comparison between the two regimes on this page.
- Click Next to select the regime. The Select Regime page opens.
- From the Select the income tax regime to submit and declare IT dropdown list, select the regime most beneficial to you.
- Select the option I acknowledge that I can choose my regime only once for the current financial year.
- Click Submit to declare your IT. Submit IT Declaration pop-up appears.
- Click Confirm to submit your IT declaration.
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Related Links:
❓FAQs - To read more FAQs about Employee's IT Declaration, click here.
📃Documentation - To read more about the Employee's IT Declaration page, click here.
▶Video - To watch the video on Employee IT Declaration, click here.
📢Product Update - To read our product update, click here.