Proof of investment

2,366 views
2,086 views

Published on

The proof of investment (POI) feature allows employees to update the proof of investments done and makes the process of verifying proofs streamlined and smooth.

Published in: Business, Technology
0 Comments
2 Likes
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
2,366
On SlideShare
0
From Embeds
0
Number of Embeds
2
Actions
Shares
0
Downloads
23
Comments
0
Likes
2
Embeds 0
No embeds

No notes for slide

Proof of investment

  1. 1. Proof of Investment Module Features & Benefits
  2. 2. Proof of Investment • Tax planning and investment declaration is done by employees for tax exemption for the next financial year. • Taxable Income is computed based on this and subsequently tax will be deducted, every month. • Proof of investment is to be submitted by employees to show the validity of their investments.
  3. 3. Benefits of POI Module • Ensures quick & hassle free verification of declared investment against actual investment. • Data entry mistakes are minimal as it is updated at source by employee • Automated email alerts on status of proof items • Sends reminder mails to employees who have not submitted their declaration. • Online submission of documents reduces paper work and transaction time.
  4. 4. Benefits - For the admin • Option to allow employees to submit POI in a designated time frame and negate ad-hoc submissions, thereby streamlining processes • Keep track of submitted and pending POIs and initiate further communication • Option to make remarks on rejected POI there by leaving no ambiguity to the process. • The Admin can reopen a submitted POI for any changes • As all data is entered by employee at sources, data errors and efforts get reduced.
  5. 5. Benefits - For the employee: • Be notified by Payroll/HR department, intimating the time line for POI submission to act on without lapses • Employee can update the details with necessary supporting documents. • To view and monitor the status of Proof of Investment • As this communication happens before the final payroll processing, employees have an opportunity to fix issues and ensure that correct tax deductions happen
  6. 6. Process in
  7. 7. POI process POI released to the employees Employee submits the proofs from ESS POI review – Accept/ Reject Consider for tax calculation
  8. 8. Release POI The option to release POI Declaration to employees is available under Payroll>Admin. Release POI for selected or all employees
  9. 9. Employee submits proofs of investment The employee receives a notification in Employee Portal about activation of POI
  10. 10. Along with filling in the IT Declaration, employee can upload the proofs
  11. 11. Proof is submitted for investments made, rents and other income
  12. 12. POI track Process Proof of Investment (POI) submitted by employees. Go to Payroll>Admin>POI Track
  13. 13. POI review Once processed, the declaration is considered for TDS computation Ability to accept or reject the applied proof with remarks
  14. 14. Reminder for submission For employees who have not submitted their POI declaration, you can send them reminder or As Admin, you can submit employee's IT Declaration with existing values or modify values.
  15. 15. @greytip /greytip /company/greytip-software-pvt-ltd Thank you +greytipIn /GreytipOnline Stay connected @greytip /greytip /company/greytip-software-pvt-ltd +greytipIn /GreytipOnline Stay connected Thank you For more email us at webinar@greytip.com or visit our Help Doc

×