Save time and paperwork with The Income Tax Declaration module. Allow your employees to fill in their Tax Declarations online from Employees. For more information visit http://www.greytip.in/cloud/solutions

1. Income Tax Savings Declaration

2. What is Income Tax?
An income tax is a tax on individual earnings (income) that is paid to the national
government.
Income Tax liability of an individual depends:
• On her/his Earnings in a particular slab.
• On the investments made by her/him

3. Income Tax Savings Declaration
 Saving’s declaration is done to avail tax benefit, which means paying less income tax.
 An individual can do investments to save money and to take tax benefit as well
 Income Tax Saving Declaration in done by the Employees to their employer
 Income Tax savings declaration can be done:
 At the time of joining
 At the beginning of financial year.
 Whenever you invest in new instrument
 Monthly

4. How does it work?
Collect tax saving investment declaration from employees
(Insurance, HRA, Medical Bills, etc)
Compute net taxable income on those assumptions for each
employee
Find out how much tax each employee needs to pay and start
deducting on monthly basis from salary
Collect investment proof from the employees and recalculate
tax

5. Tough Job???

7. Benefits for employees
 Update savings information on monthly basis
 IT calculator for exact calculation of investments under each section
 View IT statement

8. Releasing IT Declarations to Employees
IT Declarations can be
released for individual
or all employees
Releasing IT Declarations
allows employees to Fill
in their investment
Declarations via the
Employee Portal.
Go to Payroll>Employee
IT declaration
greytHR eases your supervision of IT Declarations submitted by employees. The process of
releasing the declaration to the employees and then gathering info from the forms is done in a
few simple clicks.

9. IT Declarations – Employee Login
Employee can declare the Investments, Rent (for HRA) , Previous
Employment Salary and other incomes (rent Received)

10. IT Calculator
IT Calculator is available in ESS
and allows employees to plan
their Savings and Taxable
Income

11. Locking IT Declaration for Payroll
IT Declaration Released must be locked
before considering for Payroll
Select Consider for Income Tax to include the
Declared Amounts in Deductions

12. Locking Payroll and Releasing IT Statement
Lock Payroll and Release Income Tax Statement to Employees
Release Income Tax allows
employees to View each months
income tax deductions and income
tax changes

13. IT Statement – Employee Login
Employees can see
each months IT
Statement

14. For more visit docs.greytip.in
or write to us at gosales@greytip.com
www.greythr.com