Employee IT declaration is a page on which you can declare your investment details and select a regime to avail tax benefits and exemptions from tax. You can submit your investment declarations at the beginning of the financial year. New employees can declare investments at the time of joining. Investments can be also be declared at the time of change in salary or investments if the IT declaration window is open.
Income Tax declaration helps your employer to estimate your Income Tax (hereafter referred to as IT) for the current financial year. This deduction is called Tax Deduction at Source (TDS). To take maximum exemptions from TDS, it is important to declare your future investment plans and select a proper regime. You can review your investment plans at any time of the year and modify the values when the declaration window is opened from your employer. Income tax is calculated based on the declarations and regime selected.
To navigate to the IT Declaration page, click Salary > IT Declaration.
Declaring your IT declaration
To declare your income tax, perform the following steps:
- If you are declaring IT for the first time, click . Click to modify your IT details if you have already declared IT.
- Fill the details in sections and forms such as Sec 80C, Other Chapter VI-A Deductions, House Rent Allowance, Medical (Sec 80D), Income/loss from House Property, Other Income, Income from previous employment and salary allowance.
- Click Preview to view investment details.
- Click Proceed to Submit to choose a regime. The following popup appears:
- Choose a regime for the Select drop-down menu.
- Click Submit to declare your IT.
Downloading Form 12BB
Form 12BB is a statement showing the details of your declaration, as mentioned in the investment plan made by you. As per the Income Tax rules, you must submit a hard copy of Form 12BB to the employer along with your signature. After submitting the IT form, clickto download the Form 12BB.
Revising your IT declaration
To revise the declaration, perform the following steps:
- Click to modify/ revise your IT declaration.
- You can edit or revise your declared income tax by entering the details. Click Submit to submit the revised form.
My Tax Planner
greytHR provides you with options for creating three different plans with My Tax Planner. These plans help you to decide which combination of investments provides you with the best results in terms of saving income tax. It will be helpful for users who have done any investment or are planning to invest. IT planner will help employees to plan and invest in different sections to gain maximum exemption.
To create plans in My Tax Planner page, perform the following steps:
- You will be redirected to the IT: Plan page. Click
To view the investments summary, click. Click to view the income tax breakup. You will be redirected to Plan - Preview page.
Please note, you're only calculating your taxes. This is not a submission of your IT declaration form. This will give you the complete break up of your salary and your investments and finally arrive at taxable income and liable tax amount.
- On the Plan - Preview page, you can view a detailed comparison between the old regime and new regime, in the plan you have created.
- To create and compare more plans, click and then .
- To edit an existing plan, click
Comparing your IT declaration Plan
You can do a comparison between any two plans after you have created a minimum of two plans. You can also simultaneously compare between the old and new regimes between the two plans. To compare plans, perform the following actions:
- Click button in IT declaration screen. Once the plans have been created, the Compare Plans page opens.
- In the Select plans to compare column, choose any two plans. You can compare only two plans at a time.
- You will be able to see the comparison on the same page in the following table:
After a comparison of plans, clickto choose a tax regime.
The following pop up appears:
- Choose the regime you have decided in the Select drop-down menu. This is a mandatory field.
- Click Submit to declare your IT. You will receive a confirmation message.
You will be able to submit IT, only if the declaration window is open. Once submitted, the new plan will override the existing submission.