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.
