proof of investment

Proof of Investment ModuleFeatures & Benefits

Proof of Investment• Tax planning and investment declaration is done

by employees for tax exemption for the next

financial year.

• Taxable Income is computed based on this and

subsequently tax will be deducted, every month.

• Proof of investment is to be submitted by

employees to show the validity of their

investments.

Benefits of POI Module

• Ensures quick & hassle free verification of declared investment

against actual investment.

• Data entry mistakes are minimal as it is updated at source by

employee

• Automated email alerts on status of proof items

• Sends reminder mails to employees who have not submitted

their declaration.

• Online submission of documents reduces paper work and

transaction time.

Benefits - For the admin

• Option to allow employees to submit POI in a

designated time frame and negate ad-hoc submissions,

thereby streamlining processes

• Keep track of submitted and pending POIs and initiate

further communication

• Option to make remarks on rejected POI there by

leaving no ambiguity to the process.

• The Admin can reopen a submitted POI for any changes

• As all data is entered by employee at sources, data

errors and efforts get reduced.

Benefits - For the employee:

• Be notified by Payroll/HR department, intimating the time line for POI

submission to act on without lapses

• Employee can update the details with necessary supporting documents.

• To view and monitor the status of Proof of Investment

• As this communication happens before the final payroll processing,

employees have an opportunity to fix issues and ensure that correct tax

deductions happen

Process in

POI process

POI released to the employ

ees

POI review

– Accept/ Reject

Consider for tax calculati

on

Release POI

The option to release POI Declaration to employees is available under Payroll>Admin. Release POI for selected or all employees

Employee submits proofs of investmentThe employee receives a notification in Employee Portal about activation of POI

Along with filling in the IT Declaration, employee can upload the proofs

Proof is submitted for investments made, rents and other income

POI track

Process Proof of Investment (POI) submitted by employees. Go to Payroll>Admin>POI Track

POI review

Once processed, the declaration is considered for TDS computation

Ability to accept or reject the applied proof with remarks

Reminder for submission

For employees who have not submitted their POI declaration, you can send them reminder or As Admin, you can submit employee's IT Declaration with existing values or modify values.

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For more email us at webinar@greytip.com or visit our Help Doc