Income Tax Savings Declaration

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

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

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

Tough Job???

Benefits for employees

Update savings information on monthly basis

IT calculator for exact calculation of investments under each section

View IT statement

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.

IT Declarations – Employee Login

Employee can declare the Investments, Rent (for HRA) , Previous Employment Salary and other incomes (rent Received)

IT Calculator

IT Calculator is available in ESS and allows employees to plan their Savings and Taxable Income

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

Locking Payroll and Releasing IT StatementLock Payroll and Release Income Tax Statement to Employees

Release Income Tax allows employees to View each months income tax deductions and income tax changes

IT Statement – Employee Login

Employees can see each months IT Statement

For more visit docs.greytip.in or write to us at gosales@greytip.com

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