Income Tax Savings Declaration

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Save time and paperwork with The Income Tax Declaration module. Allow your employees to fill in their Tax Declarations online from Employees. For more information visit http://www.greytip.in/cloud/solutions

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Income Tax Savings Declaration

  1. 1. Income Tax Savings Declaration
  2. 2. What is Income Tax? An income tax is a tax on individual earnings (income) that is paid to the national government. Income Tax liability of an individual depends: • On her/his Earnings in a particular slab. • On the investments made by her/him
  3. 3. Income Tax Savings Declaration  Saving’s declaration is done to avail tax benefit, which means paying less income tax.  An individual can do investments to save money and to take tax benefit as well  Income Tax Saving Declaration in done by the Employees to their employer  Income Tax savings declaration can be done:  At the time of joining  At the beginning of financial year.  Whenever you invest in new instrument  Monthly
  4. 4. How does it work? Collect tax saving investment declaration from employees (Insurance, HRA, Medical Bills, etc) Compute net taxable income on those assumptions for each employee Find out how much tax each employee needs to pay and start deducting on monthly basis from salary Collect investment proof from the employees and recalculate tax
  5. 5. Tough Job???
  6. 6. Benefits for employees  Update savings information on monthly basis  IT calculator for exact calculation of investments under each section  View IT statement
  7. 7. Releasing IT Declarations to Employees IT Declarations can be released for individual or all employees Releasing IT Declarations allows employees to Fill in their investment Declarations via the Employee Portal. Go to Payroll>Employee IT declaration greytHR eases your supervision of IT Declarations submitted by employees. The process of releasing the declaration to the employees and then gathering info from the forms is done in a few simple clicks.
  8. 8. IT Declarations – Employee Login Employee can declare the Investments, Rent (for HRA) , Previous Employment Salary and other incomes (rent Received)
  9. 9. IT Calculator IT Calculator is available in ESS and allows employees to plan their Savings and Taxable Income
  10. 10. Locking IT Declaration for Payroll IT Declaration Released must be locked before considering for Payroll Select Consider for Income Tax to include the Declared Amounts in Deductions
  11. 11. Locking Payroll and Releasing IT Statement Lock Payroll and Release Income Tax Statement to Employees Release Income Tax allows employees to View each months income tax deductions and income tax changes
  12. 12. IT Statement – Employee Login Employees can see each months IT Statement
  13. 13. For more visit docs.greytip.in or write to us at gosales@greytip.com www.greythr.com

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