We are glad to inform you that the budget changes enhancements in POI is now Live.
What is it?
As per Union budget 2020 employees are allowed to choose the regime of their choice for income tax calculation. Employees can choose the regime once in a FY and they will not be able to change it in between. If the employee has not done this before then the employer can decide to allow regime selection during the POI.
Why it matters?
As per the rules, employees are not supposed to change the regime in between the year. However, if the company decides to give this provision to employees, we have a provision in the system where they can choose accordingly.
How it works?
The option to choose regime will be disabled for the employees by default, existing POI users can raise support ticket to enable this option, the new POI users will have an page settings where they can configure the list of options as per their requirement.
If the employee has opted for New regime then he need not have to submit the investment proofs. Because of this change as an employer there is no need to collect proof of investment from the employee who has opted for New Regime. To make this a easier process we have introduced an easy way to , to filter the employee based on the regime to release / review the POI declaration of employees.
When the regime selection option is enabled the employee user will be able to select / change the regime as per their choice while declaring the POI.
In exceptional cases where employees are not in a position to submit POI from ESS we are empowering the Administrator with an option to change the regime while reviewing the POI declaration.
Who gets it?
This feature will be rolled out to all India Clients. Customers who wish to go with item wise attachments and other useful features have to switch to the new ESS(if they have not moved till date). The settings page will be exclusively for the customers who are using the new POI module. The employee filters will be available for both old and new POI customers
You can know more about this feature in our Knowledge base pages, the link for the same will be provided asap.
Thanks and Regards