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Release, lock, and consider employeesโ€™ income tax declarations

Updated inย February- 2024 |ย Subscribe to watch greytHR how-to video

IT declaration is collecting investment declarations from employees at the beginning of the financial year. Considering an employee's IT declaration is necessary for your organization to accurately calculate and deduct the appropriate amount of income tax from the employee's salary. It helps to ensure compliance with applicable tax laws and regulations and avoid legal penalties or fines for non-compliance.

The accurate IT declaration also benefits employees by ensuring that they are not over or under-taxed and that they receive the correct amount of salary. It is important for organizations to communicate clearly with employees about the process for submitting IT declarations and to provide support and guidance where necessary.

The Employee IT Declaration page in the greytHR Admin portal helps you to collect employees' investment declarations in a hassle-free manner.

To view the Employee IT Declaration page, click Payroll > Admin > Employee IT Declaration.

Watch our IT declaration video for admin and ESS for in-depth understanding:ย 

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You can perform the following actions on the Employee IT Declaration page:

  1. Release IT declaration to employees.

  2. Lock employees' IT declarations.

  3. Consider employees' IT declarations.

  4. Configure greytHR to automate the IT declaration locking process.

  5. Export the considered employees' list.

Release IT declaration to employees

To collect investment declarations from your employees, you must release IT declarations at the beginning of the financial year. Option of declaring investments is unavailable to employees by default.

To release IT declaration for employees, perform the following actions:

  1. On the Employee IT Declaration page, click the Release / Lock tab. A list of employees appears.

  2. Under the Release / Lock tab, from the Status dropdown filter, select Locked. You can view all the employees with locked IT declarations.

  3. Using the Employee, Employee Filter, Declaration Status, and Join Date dropdown filter, customize the employee list.
    Note: To select the new employees or existing employees who are yet to declare their IT declarations for the current financial year, select the Declaration Status as NOT YET DECLARED.

  4. Click the Release Options button. The Release Options pop-up appears. The pop-up displays the following options:

    1. Allow employees to acknowledge their Business Income, if any:
      Select Yes or No as per your requirements.

    2. Allow employees to select a regime till:
      Choose a month from the dropdown list.

  5. Click Save to save the Release Options.

  6. From the employee list, select the employees using the checkbox adjacent to the Employee No column.

  7. Click Release Selected to release the IT declaration for the selected employees.
    Note: You can also click Release All to release the IT declaration for all the employees whose IT declaration is Locked.

Lock employees' IT declarations

After your employees declare their investments, you must lock their declarations at the end of each payroll month. Locking IT declarations helps you in processing each month's payroll accurately. You must stop taking further inputs from the employees for each payroll month at the end of each month. You can configure greytHR to automate the locking process on a specific date.

To lock employees' IT declarations, perform the following actions:ย 

  1. On the Employee IT Declaration page, click the Release / Lock tab. The list of employees appears.

  2. Under the Release / Lock tab, from the Status dropdown filter, select Released. You can view all the employees to whom the IT declarations are released.

  3. Using the Employee, Employee Filter, Declaration Status, and Join Date dropdown filter, customize the employee list.

  4. From the employee list, select the employees using the checkbox adjacent to the Employee No column.

  5. Click Lock Selected to lock IT declaration for the selected employees.
    Note: You can also click Lock All to lock the IT declaration for all the employees for whom the IT declaration is Released.

Consider employees' IT declarations

After locking the employees' IT declarations and before processing payroll, you must consider all the IT declarations. The Consider Declarations tab displays all the declarations that are pending approval.

To consider declarations, perform the following actions:

  1. On the Employee IT Declaration page, click the Consider Declarations tab. A list of employees appears.

  2. From the Status dropdown filter, select the status as Pending for review. A complete list of the employees whose IT declarations are pending for your review displays.

  3. Using the Payroll Date dropdown calendar, Employee, and Employee Filter dropdown filters, customize the employee list.
    Note: You can consider a plan from the IT Savings page too. To consider a plan from the IT Savings page, review and save details under all the tabs. Under the Select Regime tab, click Consider to consider the plan from the IT Savings page.

  4. From the employee list, select the employees using the checkbox adjacent to the Employee No column.

  5. Click Consider to consider the selected employees' IT declarations.
    Note: You can also click Consider All to consider IT declaration for all the employees.

Export the considered employees' list

To export a list of employees whose IT declarations you have considered, perform the following actions:

  1. On the Employee IT Declaration page, click the Consider Declarations tab. A list of employees appears.

  2. From the Status dropdown filter, select the status as Considered. The list of employees appears whose IT declarations you have considered. You can view details such as Employee No, Employee Name, View Declaration, Submitted On, Considered From, and Considered On for each employee.

  3. From the employee list, select the employees using the checkbox adjacent to the Employee No column.

  4. Click Download Selected/Download All to download a report with details of considered employees in Excel format.

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