Employees can now select the regimes in ESS. The same will be visible in IT Declaration, TDS Breakup Report, and IT Projection.
Helps in providing accurate Form 16 to required employees.
Deduction for interest paid on a home loan for affordable housing. Section 80EEA allows a deduction for interest on a loan taken for a specific house property, with a maximum limit of INR 1,50,000 per financial year.
ESS Application: In Payroll > Employee IT Declaration > Save
It is mandatory to submit landlord (for rent above 1 lakh) and lender details to claim IT deduction for these expenses.
Based on user feedback, we have introduced a payslip where the YTD IT summary will also be visible.
ESS Application: You can submit these details in your self-service portal.
Here are the key Q2 updates, majorly focusing on TDS and reporting. These enhancements reinforce our commitment to delivering efficient, secure, and user-friendly solutions.
Enable the option “Include Theoretical Data” to generate a CTC report with theoretical numbers.
Example: If an employee received an increment in May, with April's salary at Rs. 25,000 and May's salary at Rs. 30,000, you can now refer to April's salary for leave encashment in June.