One of our employees is getting interest from Fixed Deposit. Does he need to submit any proof, while submitting POI? and what is that particular proof, he needs to get from the bank?
Interest on Fixed deposit is to be taken as a part of Income for employee on which Income Tax will be/should be deducted.
Employee can declare the same while filing his/her IT returns and it does not need to be included for Tax calculations at Employer’s end. But if it is then, you could ask for a bank statement for the FY where the interest is being paid to know the exact amount to be added as part of employee’s income.
Hope it helps!
I can see that the employee has an option to add other incomes at the time of declaration of POI in greytHR Portal. This is optional and can be done from emplyee’s end.
These can be declared and all the necessary proofs of such incomes should be uploaded in the greytHR Portal.