Hi all,
While computing the tax for an employee who has joined during the year, can we consider the 80C deductions, Home loan interest also in the new company.
Also on the GreytHR portal, there is no option for including the deductions considered in previous employer. It is just the income after exemptions, PF, NPS which are available.
Can you please suggest the best way to calculate the tax?
Regards
Sarita
Hi Sarita,
To ensure accurate tax computation for an employee who joined during the year, I recommend obtaining the income tax statement from their previous organization. Once you have obtained that you need to consider the Gross Salary( Gross salary less other component that are exempt such as food allowance and gratuity )form that statement for income after exemption in GreytHR. Total TDS and PF deducted by previous employer will be consider at full amount.
Deduction allowed by previous employer may be ignored, you can ask employee to share their investment details or POI as the case may be and provide the details again in the GreytHR portal for further calculation.
Hope this provide clarity to your question
Regards
Ankit