It is time for most companies to start collecting proof of the declarations provided by employees for their TDS payments. We will tell you how to make it easier with greytHR.
The Process
The process starts with you informing each employee about their declarations. Employees then review their declarations and send the documents that indicate the actual investments done. The attachments come in emails—typically one per employee. You must process each email, verify the proof document, and update the actual rent and savings information. Post this, the TDS deductions (Income Tax) must be recalculated.
As you can observe, the above process is quite tedious and time-consuming.
The process made simpler with greytHR
With greytHR’s Proof Of Investment (POI) module completing this activity becomes 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 to give you complete peace of mind on the compliance 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 payslips 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!!
Here is a video to help you:
RELATED: Form 24Q generation: How greytHR can help you
So, stay on top of Income Tax compliance and be 100% sure all proofs have been collected and processed for timely filing TDS challan. With the greytHR Proof of Investment (POI) feature, you complete the process in less time and more efficiently.
Let’s get started right away.
