Release Lock and Consider Employee IT Declarations
Investment declaration is done at the beginning of a financial year by collecting a paper-based or an Excel file declaration from the employee. You will then need to use this data, calculate the TDS (Income Tax) for every employee and then affect this in the monthly Payroll.
In addition to this, every time an employee’s salary changes or a new employee is added, the process needs to repeat for that employee. As you can see, the above process is quite tedious and time-consuming.
With greytHR ’s investment declaration module, completing this activity becomes quite easy and hassle-free.
You just need to follow 3 simple steps to complete your IT declaration process on greytHR
Step 1: Release your employee IT declarations ( this process is done ideally in the beginning of the payroll month and also at the beginning of the financial year.)
Step 2: Lock your employee IT declarations by end of the payroll month, this process can be automated on greytHR
Step 3 : Then finally “Consider” (download) your employee IT declarations before you process the payroll to ensure that all the IT Declaration are considered or taken up in the Payroll processing.
Income Tax Savings for Employees https://greytip-2.wistia.com/medias/xarzxibhs9