Pay /

Income Tax Saving Schemes & Investments
IT declarations form an integral part of every company's payroll process but most payroll teams often struggle with it. For employees, though it's an important function they're mostly anxious when dealing with it. This leads to employees taking hasty decisions and finance teams getting entangled in unnecessary paperwork on both ends.
Features for a smooth life
IT compliant Investment limits

We don't want your payroll team to rely on random websites to confirm investment limits in specific sections of the IT act. sumHR comes pre-configured with investment limits that comply with the prevailing IT acts, to keep you error free.

IT Declaration & submission time-window

Set a clearly defined IT declaration and submission time-window to ensure employees have enough time to make their declarations or submit their proofs. We'll handle the automatic opening and closing of options, you don't have to worry about it.

Proof submission approval workflows

Payroll & HR teams spend hundreds of hours every year sorting through innumerable emails/paperwork to review investment proofs or file them for compliance. Not any more! sumHR's smooth and seamless proof-submission workflows make it a breeze.

Automatic tax adjustments

Our payroll systems will take away your calculator (figuratively, of course) because we don't want you to worry about tax adjustments arising out employees' investment declarations or their eventual proof-submissions. If one differs from the other, taxes will remain accurate.

Tax regime selection

Provide employees with an interactive tax calculator which helps them choose the right Tax regime for them (new norm introduced by Indian govt. in 2020). With sumHR by your side, you don't have to stay behind in the payroll race.

Multiple pay-cycle configurations

Employees can submit their Form 12B to calcuate their exact earnings for the ongoing financial year. What's more, they can also add their Leave encashment and gratuity payments so that we can re-calculate their income tax libiality.

Essential features
Simplified IT declaration management

Taking advantage of the Income tax saving schemes can be quite confusing and complicated for most employees. We've put in extra efforts to make it simpler and easier for your employees to understand the nuances of available tax exemptions.

Mid-year declarations

Though fewer companies prefer opening the IT Declaration window in the middle of the year, those who do it are vouching for its benefits. If you wish to go unconventional, we'll cheer you on with the option to enable mid-year IT Declarations.

Extension of submission window

Most employees will adhere to deadlines but not all. Though it can throw your processes off, it's at such time you'll cherish this special flexibility to extend the submission window one last time (or multiple last times)!

Validation process for IT Declarations

Enable your finance & payroll teams to carefully review every investment proof being sent over by employees. They can not only ask for resubmission if something is amiss, but also leave notes and remarks for future reference

New joiners IT Declarations

New emloyees joining in the middle of the financial year require special handling for IT declaration/proof submissions. You'll have the flexibility to define special time limits for them to do their bit, even if the regular window has expired.

Encashment & Gratuity exemptions

We will ensure your employees get their deserving tax exemptions when calculating their leave encashment and gratuity earnings, not just in their current employment but also after including any payments received from their previous employer.

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