2024 Quarter 2 Updates

Q2 2024 Software Release Updates

We have made the following updates in our software this quarter:

Selection & Visibility of Regime in Tax Planner :

Employees can now select the regimes in ESS. The same will be visible in IT Declaration, TDS Breakup Report, and IT Projection.

Generate 24Q Related Data Even for Non-TDS Employees :

Helps in providing accurate Form 16 to required employees.

80EEA Exemption Included(cloud/web) :

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

Submission of Landlord and Lender Details:

It is mandatory to submit landlord (for rent above 1 lakh) and lender details to claim IT deduction for these expenses.

Payslip Option with IT Summary :

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.

Adding Custom Fields & Generating Those Details in Reports :

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.

Generating CTC Report in Bulk with Theoretical Numbers :

Enable the option “Include Theoretical Data” to generate a CTC report with theoretical numbers.

Referring to Previous or Old Salary for Leave Encashment (cloud):

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.