Tax deduction by employer
Employers need to deduct taxes from the salaries of their employees every month. To save these taxes, employees submit investment declarations through which they claim allowances and deductions. So, before deducting taxes, an employer computes the taxable income of his employees based on these declarations.
In general, this is a tedious task for employers as well as employees alike. On employee’s part, It involves a lot of manual work like printing and submission of each proof physically, while on employer’s part it is challenge to collect and verify the documents and communicate the same with the employees.
As an employer, if you are looking for a simple solution to this laborious process which consumes a lot of time and adds to your cost, then H&R Block has a solution for you in the form of an innovative software called Investment Proof Verification System or IPVS. This tool can make yours as well as your employees’ job much easier by fully digitising the process of investment declaration and verification. By using this software, your employees can submit proofs digitally while you can verify the submitted proofs online very easily.
Alternatively, you can also outsource the entire task of tax calculation of employees to H&R Block and focus more on your business.
Workflow of the Investment Proof Verification System
This is how H&R Block’s Investment Proof Verification System works:
Step 1: You upload the contact list of all your employees in the system.
Step 2: Every employee receives an email regarding the submission of proof of investment.
Step 3: Employees click on the link given in the email and enter their respective employee code to generate OTP. This OTP is sent to their registered email IDs to create a password.
Step 4: Once done, employees upload their investment proofs in the system.
Step 5: You can now verify uploaded proofs online and accept or reject the submissions.
Step 6: Employees get notifications regarding acceptance or rejection of their proofs.
Step 7: You can now export the information in excel and import it in your payroll system/HRMS for further calculation of salaries.
Benefits of Investment Proof Verification System
Using H&R Block’s Investment Proof Verification System can give you and your employees the following benefits:
- Employee can preview the uploaded document in a single screen which helps avoid errors in specifying claimed amounts.
- Uploaded documents are segregated under different headers
- Employee can submit documents with 3 different due dates (Jan, Feb, Mar)
- Resubmitted cases are marked separately
- Real-time reporting on submissions and verifications makes the whole process even more efficient
- Option to make notes while rejecting thereby leaving no ambiguity to the process
- Employee can view and monitor the status of his submission anytime and anywhere
So, if you are looking for an innovative tool to make the investment submission process easier, then H&R Block’s Investment Proof Verification System is the solution for you.
To register for this application or for any queries contact us at:
Email ID: business.services@hrblock.in
Phone No.: +91-9620777118/8377902091
A ready-made chart showing various deductions available with limit and % give the employees to plan the savings and tax planning.