IT declaration is a page on which you can declare selected employee's investment details and assign a regime to them. As an admin, you can view the plans declared by the employees and create a plan on their behalf. Declarations can be done at the beginning of the financial year, when a new employee joins, salary structure change, and when there is a request from an employee to change investment details and regime.
Creating a Plan on behalf of an Employee
Perform the following steps to create a plan on behalf of an employee.
Plans already created by the employee are displayed under the Declared by employee section.
Old Regime and New Regime
On the IT Savings <Plan name> page, you can view a comparison between old regime and new regime. Each regime will show the Taxable Income and Net Tax amount based on the plan you have created. Also, a Maximum Benefit tag will appear to help you in decision making.
Declaring Employee's Investments
Declare To declare your investments under , perform the following actions:
Based on the declarations that you make, the taxable income, net tax and maximum benefits The ratings help you decide if the plan suits you well.Click Consider. The plan
Based on the declarations that you make, the Potential amount, the Actual amount and the Gap value changes. The ratings help you decide if the plan suits you well.
Potential Amount is the total amount that an individual can declare as per the maximum allowable exemptions under the various sections.This amount does not depend on the Taxable Income.
Actual Amount is the amount that an individual actually declares in a particular planeach plan will show the Taxable Income and Net Tax amount. Also, a Maximum Benefit tag will appear to help you in decision making.
The following texts appearing on a plan, aides in easily identifying the status associated with a plan.Consideredplans based on their status.
CONSIDERED—appears when a plan is approved by the Adminconsidered for declaration.
IN PROCESS—appears when a plan is in the process of getting approved.
OVERRIDDEN—appears when a previously approved plan (of the same month) is overridden by a plan created by the Adminadmin.
Apart from creating a plan on behalf of an employee, you can also perform the following actions from this page:
Clone a Plan—You can clone any of the displayed plans from this page. Click the Clone Plan icon (
Download a Plan—Click the Download Plan icon (
Delete a Plan—Click the Delete Plan icon (
To generate the IT Savings report from the Reports section, perform the following steps:
Navigate to Reports > Reports > Reports Gallery.
In the Search field, search for Form 12BB.
In the Form 12BB page, from the Financial Year drop-down, select the year.
Select the employees from their respective radio buttons.
All Employees— the report is sent to all the employees.
Selected Employees— a section appears from which you have to select the checkbox, adjacent to the employee’s name for whom you want to generate the report.
Click Generate. The report is generated.
The Options button allows you to further customize your report. From the Options page, you can select the output type and also choose if your report has to be password protected. Reports with only PDF output format can be password protected.
The Generate option will generate all the data in a single PDF whereas,
The Generate Employee Wise option will create a zip file with separate folders for each employee.
You can also email the report to the employees using the Email button.