IT declaration is a process where employees provide a statement of their investments, expenses, and savings to their employer at the start of the financial year.
This helps the employer calculate the employee’s tax liability and deduct TDS from their salary. It allows employees to avoid overpaying taxes and maximize their take-home salary.
To cancel the considered IT declaration for a particular employee, the admin must perform the following actions:
- From the greytHR Admin login, navigate to Payroll > Payroll Inputs > Income Tax . The Income Tax page opens.
- From select an employee search box, search for the employee whose details you want to cancel.
- Under the Income From Previous Employer tab, double-click on the row cell under the Month column to delete the details added.
- Click Recalculate to cancel the details.
- Repeat the procedure section by section for the remaining columns, i.e., Income After Exemption , Professional Tax paid , PF paid , Total Tax paid , and LTA Exemption .