Baazar Retail Private Limited

We Care - Investment Declaration

Apr 10, 2023
 What is there in this session
• Compensation BreakUp

• Tax Submission Cut off Timelines

• IT Declaration submission & Investment Claim Made

• Live Demo in Tax Projection

2
Cut off Time lines
• Employees can submit their Tax Declaration on a monthly basis between 06th
to 25th. This window is available from Apr month to December month. TDS
shall be recomputed for the next month based on the revised Tax declaration
as submitted by the Employee. Employee can view the revised TDS figures
from the Tax Projection slab.
• Online submission of Tax Proof window shall be available from Jan to 24th
Feb. Hence TDS shall be recomputed based on the Tax Proof as submitted by
the Employee.
Note: Premium falling due for March month can be submitted through a separate window which shall be made live for
the March month and will be communicated before hand.

3
SUBMIT TAX DECLATION-SHEET
• The user can do multiple Perk, Recoveries and
Investment Entries (Declared) in this module.

Procedure:

• Go to Self Service -->Taxation -->

Submit Tax Declaration-Sheet

• Enter the amounts for required

declarations

• Save.

4
ADD DECLARATION
• The user can do Perk, Recoveries and Investment Entries (Declared) in this module for current financial year only.

Procedure:

• Go to Self Service --> Taxation --> Add Declaration ---> Select the type of payment and enter other details --> Save & Agree.

While adding employee can also check

limit, used amount, and balance amount of
selected Type of Payment.

5
 EDIT TAX ELIGIBILITY
• This module allows to set the tax flag for claiming extra exemption for 80D and 80DDB for parents senior citizen,Physically
Disable / Blind / Handicapped, Additional deduction Under 80DD where Self/Dependent had Serious Disability.

Procedure:
• Go to Self Service --> Taxation --> Edit Tax Eligibility
• To set the flag, click on Add New -->Tick on the flag as per requirement --> Update.

6
 DECLARATION LIST
• This module will display the list of declarations of the employee . For displaying the list,the employee has to add the entries
from Declaration-Single module.

Procedure: Go to Self Service -->Taxation--> Declaration List --> Select the Period For --> Select the type in Filter--> Go.

7
INVESTMENT/CLAIM MADE LIST
• This module will display the list of declarations(Made Amt.) of the employee. The employee has to add the entries from
Add Investment/Claim Made module.

Procedure:
• Go to Self Service -->Taxation--> Investment/Claim Made List --> Select the Period For -->Select the type in
Filter--> Go.

• The employee can also remove the record .For deleting the record, select the record and click on
8
Delete.
Tax Deduction Available as per Income Tax
Section Permissible Limit Type of Investment
80C Maximum INR.1,50,000 (aggregate of 80C, 80CCC and 80CCD PPF, EPF, Bank FD's, NSC, LIC premium, tuition fees

80D Premium up to INR. 25,000 in case of individuals and up to INR.30,000 for Medical insurance premium and Health check up
senior citizens

80DD Claim up to INR. 75,000 for treatments of your dependents (spouse, The following disabilities are covered under section 80DD of the
parents, kids or siblings) who have 40% disability. Tax deduction limit of up Income Tax Act, 1961:
to INR. 1.25 lakh in case of severe disability can be availed. To claim this
deduction, you have to submit Form 10-IA •Hearing impairment
•Mental illness
•Autism
•Cerebral palsy
•Blindness
•Low vision
•Leprosy-cured
•Loco motor disability

80DDB The deduction limit permitted u/s 80 DD is up to Rs. 75,000 in cases of Medical Treatments Allowed Under Section 80DDB
disability up to 40%. The annual limit for availing deductions u/s 80 DD is Ataxia.
Rs. 1.25 Lakhs per annum for taking care of a disabled person with Dementia.
disability up to 80% or more. Aphasia.
Dystonia Musculo rum Deformans.
Hemiballismus.
Parkinson's Disease.
Chorea.
Motor Neuron Disease.
9
Tax Deduction Available as per Income Tax
Section Permissible Limit Type of Investment

80G To be computed as per the donation amount and qualifying limits as per the General donations of any recognized society
trust where donation is made.
80E Only an individual can claim this deduction. loan taken for the higher Interest on repayment of Education loan
studies of their children.No limit defined
80EE Section 80EE, an additional deduction of Rs 50,000 is allowed only after Interest on repayment of Home loan
exhausting the limit of Section 24(b). It can be availed by individuals buying
the house for the first time and loans sanctioned by financial institutions
between 1 April 2016 and 31 March 2017.

80EEA Section 80EEA to extend the tax benefits of the interest deduction up to Rs Therefore, this deduction is in addition to the Rs 2 lakh limit allowed
1,50,000 for housing loans taken for affordable housing during the period 1 under Section 24.
April 2019 to 31 March 2022.
24(B) Section 24b of income tax act allows deduction of interest on home loan Interest on Home Loan
from the taxable income.
Such loan should be taken for purchase or construction or repair or
reconstruction of house property
Maximum Limit up to Rs.200000/-
Sec- HRA exemption is subject to the employee actually staying on rent and * It is mandatory for employee to report PAN of the landlord to the
10(13A) lower of : employer if rent paid is more than Rs. 1,00,000/-
• Actual HRA received from employer
• Actual rent paid less 10% of basic monthly salary
• 40% of basic salary for those staying in any place except the metros
cities of Delhi, Mumbai, Kolkata and Chennai. In case of people staying
in these four cities, exemption can be up to 50% of basic salary 10
Tax Deduction Available as per Income Tax
Section Permissible Limit Type of Investment

Sec- Children Education Allowance Up to Rs. 100 per month per child up to a maximum of 2 children is
10(14) exempt
Max: 2400/-
Sec- Hostel Expenditure Allowance Up to Rs. 300 per month per child up to a maximum of 2 children is
10(14) exempt
Max: 7200/-
Sec- Conveyance Allowance granted to meet Conveyance the expenditure on Exempt to the extent of expenditure incurred
10(14) conveyance in performance of duties of an office

2.1 Motor Car is owned by the employee Fully exempt subject to maintenance of specified documents

*The reimbursement is for the use of the vehicle wholly and exclusively for
official purposes
2.1-C The reimbursement is for the use of the vehicle partly for official purposes Actual expenditure incurred by the employer Minus Rs. 1800 per
and partly for personal purposes of the employee or any member of his month and Rs. 900 per month if chauffer is also provided minus
household. amount recovered from employee .

Actual expenditure incurred by the employer minus Rs. 2400 per

month and Rs. 900 per month if chauffer is also provided minus
amount recovered from employee.

11
PRE. EMPLOYER FORM 16
• The user can enter the previous job salary details . Only the employee whose joining date is of current financial year
can add the details in this module.

Procedure:
• Go to Self Service -->Taxation --> Prev. Employer form16 --> Enter the required details --> Save.

12
Thank You !!!

For any clarification, please reach out to HR Department