It is time for most companies to start collecting proofs for the declarations provided by employees for their TDS (Income Tax) calculations.The process starts with you informing each employee about the declarations made by them. Employees then review their declarations and send across the documents that indicate the actual investments done. The attachments come in emails—typically one per employee. You need to process each email, verify the proof document, and update the actual rent and savings information. Post this, the TDS (Income Tax) needs to be recalculated.
As you can observe, the above process is quite tedious and time consuming. With greytHR’s Proof Of Investment (POI) module completing this activity becomes quite easy and hassle-free. With the POI module, you have :
- Automatic email alerts to employees that remind them to submit their Proof documents. Employees then review their previous declarations and submit proof documents for the actual rent paid and investments done. All validations on limits are automatically checked giving you complete peace of mind on the compliances part.
- Online review of documents by Administrators who then approve, reject, or ask for additional information. This reduces data entry errors and saves effort by eliminating duplicate data entry activity.
- Information exchange by email on the status of the proof documents. Employees no longer need to wait for their payslip to see the status of their proof submission.
- Income Tax (TDS) recalculation in the Payroll automatically without you needing to do anything else. In a single click, lock the declarations and include for payroll processing. Approve and forget!!
So, stay on top of Income Tax compliance and be 100% sure all proofs have been collected and processed. With the greytHR Proof of Investment (POI) feature, you complete the process in less time and more efficiently.
Let’s get started right away.