XPayroll supports the following:
The ability for employees to select from a Dual Tax Regime
Employees can declare investments and avail of tax exemptions
XPayroll team will ask for proofs in the month of January and verify the documents on the company's behalf if the setting is enabled.
Post verifications, clarifications, TDS liability is automatically recalculated on the application
Employees receive Form 16s once the FY is complete and TDS returns are filed.
Investment Declaration Process:
Click on Tax Deductions on the left hand side:
Understand your liability based on each of the Dual Tax Regime, you can also preview an upcoming payslip on the right side:
If you are planning to choose the Old Regime and will make investments, kindly go ahead and declare them by clicking on Edit in the respective sections as below:
TDS gets automatically recalculated basis the Declarations, and you can compare the liabilities and confirm your regime. In the example below, the Old Regime is simply much more beneficial since the employee is choosing to make investments:
⚠︎ Do note that some Organizations would have an approval mechanism in place and you would notice the following message till approved. The TDS wont be recalculated till approved.
Confirmed Regime Selection:
⚠︎ Please note that once you select and confirm a Regime, you will not be able to change it. The admin/HR in your organization would be able to open it up for you again.
Relevant article from our blog - Section 80 Investments