Submitting investment declaration is a matter of concern for most of the Payroll/Finance Managers. Tax planning and investment declaration are to be done by the employees for tax exemption for the next financial year. Taxable Income will be computed based on this and subsequently tax will be deducted, every month. The most important document in an investment declaration is the investment proof.
Proof of Investment module (POI) in greytHR, takes care of these activities:
- Ensures quick & hassle free verification of declared investment against actual investment. As data is updated at source by the employee, data entry mistakes are minimal.
- Sends mails to employees of approved and rejected proof items.
- Sends reminder mails to employees who have not submitted their declaration. As this communication happens before the final payroll processing, employees have an opportunity to fix issues and ensure that correct tax deductions happen.
- All the rejected POIs will have remarks to it there by leaving no ambiguity to the process.