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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.

     

Releasing and Tracking POI submitted by the Employees

POI Release

greytHR enables the Admin to release Proof of Investment (POI) to employees so that they can enter their investment details. Use the tabs as follows:

Use the Year drop-down list to set the year for the POI processing. Likewise, set the month to view the corresponding employee records.

Figure 1: Viewing POI Release page

Yet to be Released

This tab displays records, that are yet to be released to the employees.

  1. Login to the application using your credentials (Admin).
  2. Navigate to Payroll > Admin > POI Release.

    Figure 2: Records Yet to be Released
  3. In the Yet to be Released tab, select one or more employees using the check box adjacent to the employee name.

    You can also select using the search control at top of the page. The numerals against tab name indicate the number of records in that tab.

  4. Click . A success message appears.

    Click Release All to release for all employees. A mail notification is sent to the employees.

Released

The Released tab displays records, that have been released to employees for IT Declaration. Navigate to Payroll > Admin > POI Release. After the employee submits the filled-in POI, you need to process it from POI Track.

Figure 3: Displaying Records Released

  • The Released Date against the employee record. The employee receives a notification in Employee Self Serve about activation of POI. Along with filling in the IT Declaration, employee can upload the proofs. To enable upload, contact us to turn on the option.
  • When the employee submits IT Declaration in ESS, the employee name automatically moves to the Locked tab in greytHR.

Locked

The Locked tab displays the employee name(s) that are restricted for changes from the employee. You can also release the POI again for one or more employees if required. Navigate to Payroll > Admin > POI Release

Figure 4 : Records Locked Tab

Note the Approved Date against the employee record. If you release, the employee record moves back to the Released tab.

POI Track

greytHR enables you to process Proof of Investment (POI) submitted by employees and also enable them to update details once again in their investment declaration. Use the tabs as follows:

  • Pending
  • Reviewed
  • Not Yet Submitted

    Click the Excel Export button to export values from the POI Track page. To view the Not Yet Considered and Considered tabs, select INCOME TAX from the Section drop-down list from System Settings > Miscellaneous > Advanced Options (Advanced). Next, select Enable approve Income Tax and consider later check box.

    Use the Year drop-down list to set the year for the POI processing. Likewise, set the month to view the corresponding employee records.

Pending

The Pending tab displays records that are pending for processing.

  1. Navigate to Payroll > Admin > POI Track.
    Figure 1 : Viewing POI Track Page

    To enable the Not Yet Considered and Considered tabs, select INCOMETAX from the Section drop-down list in System Settings > Miscellaneous > Advanced Options (Advanced).

  2. In the Pending tab of the POI Review page, search for the employee name.

     

    The Status and Remarks columns displays values as per an earlier cycle of processing POI if applicable. You can enter remarks in this cycle too. Click ...more to view previous remarks. Click The Download as PDF button to view values offline in a file. Click The Show All button to view all particulars of POI Review or click The Show Applied button to revert to default view of fields that employee has filled.

  3. Click The Accept button. against the item(s) for which employee has submitted required values and proofs. A message displays to indicate number of records approved.

    You can also select using the search control at top of the page. The numerals against tab name indicate the number of records in that tab.

    You can click The Accept All button. to process all items at one time. Click The Reject button. to reject any single item. It is mandatory to enter Remarks if rejecting an item. and display as per your action on an item in the Status column. You need to have values before you can accept or reject.

    Post approval, the POI will not be considered for Income tax and will move to the Not Yet Considered tab. Once considered for Income tax, the POI will move to the Considered tab.

  4. Click The Consider for Income Tax button. to submit for payroll processing if you are satisfied with all values and their proofs.

    You can consider for Income Tax only after processing all submitted items.

  5. In the Confirmation message box, click Confirm.

    The Confirmation message box.

  6. Process the payroll to reflect the new changes in selected employee's tax and payslip. The employee name now reflects in the Reviewed tab. Email is sent to employee with the approved or rejected data.

Reviewed

The Reviewed tab displays records that have been processed by HR or Payroll. You can also reopen a processed record by performing the following actions:

  1. Navigate to Payroll > Admin > POI Track. In the Reviewed tab, click the employee name to view details.

    Figure 2 : Viewing Reviewed Page

    Note that the Accept button for individual items is disabled.

  2. Click The Reopen button., if you want selected employee to rework on an item.

Not Yet Submitted

The Not Yet Submitted tab displays the records yet to be submitted from employee side.

  1. Navigate to Payroll > Admin > POI Track. In the Not Yet Submitted tab, select the check box next to an employee name.

    Figure 3 : Viewing Not Yet Submitted tab

    The tab displays employees who have not yet submitted their IT Declarations. As Admin, you can submit employee's IT Declaration with existing values or modify values.

  2. Click or .

    Clear Income Tax declaration to clear previous declared data because proof is not submitted. Send reminder mail if proof is not yet submitted.

  3. Click Submit for record to be considered in the next payroll processing.

    Figure 4 : Accessing Not Yet Submitted tab
    The Remarks text box.

    Enter remarks in the Remarks text box if required.

  4. Click Confirm in the message box that appears.
  5. To submit IT Declaration after entering values, click employee name.

  6. Type the appropriate values.
  7. Click Accept or Reject.
  8. Click The Consider for Income Tax button.. A processing bar displays and the record now moves to the Considered tab. Admin can now view submitted proofs and also edit employee-given information if required.

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