How greytHR has implemented the Budget Changes 2020-2021

[Vidyaranjan]

greytHR is now ready with the budget changes for the current financial year 2020-21. These changes will be reflected in the system from the April 2020 payroll. Budget changes are enabled by default in our application with effect from April 2020 payroll.

Disabling the Budget 2020-2021 changes

At any point in time, greytHR allows you to revert to the previous financial year(2019-2020) budget. Perform the following actions to revert back to the older budget:

1. Navigate to either Payroll > Payroll Inputs > Salary. You will see the following information box with the Revert button.
   
   
   
   Please note that you can also revert back to the older budget from Payroll > Process > Payroll Process.
2. To revert back the greytHR application to the older budget for the purpose of payroll processing, click Revert. The following confirmation popup appears:
   
   
3. Click Confirm to revert back to the old budget changes.

Enabling the Budget 2020-2021 changes

As an admin, you can re-enable the current financial year budget changes, perform the following actions:

1. Navigate to Payroll > Payroll Inputs > Salary. You can view the following information box with the Enable button.
   
   
   
   Please note that you can also enable these changes from Payroll > Process > Payroll Process.
2. Click Enable, to switch the greytHR application to the budget 2020 changes. The following popup appears:
   
   
3. Select a default income tax regime from the Select Regime drop-down menu. Kindly note it is a mandatory field and you cannot process to next step unless you select a default regime.
4. Click Update. A success toast message appears.

Changing the Default Regime Settings

1. Navigate to Payroll > Payroll Inputs > Salary. You will see the following information box stating that the new budget is already enabled for the year 2020. This information box will appear effective from Apr’2020 payroll.
   
   
   
   Please note that you can also change the default regime settings from Payroll > Process > Payroll Process.
2. Old tax regime is selected by default for employees who have not declared IT. To change the default regime settings, click information box. Following popup appears:
   
   
3. Select a Default income tax regime from the Select drop-down menu. Default regime will be assigned for the employees who have not declared IT.
4. Click Update to change the default tax regime settings.

https://support.greytip.in/hc/en-us/sections/360008485812-Budget-Changes-2020-2021