6 New features added.
Payroll & Taxation
1. Employee Statement Account report
Purpose of this report is to get entire YTD data of employee for selected FY.
Below are the data points which will be available in this report.
1. Month wise, Head wise payments made to employee.
2. Leave Accrual Details
3. Employer Contributions
4. Leave Taken Details
5, Leave Encashment Details
How to get this report?
1. Login as HR.
2. Go to Compensation > Reports > Employee Statement of Accounts
3. Search Employee Name or Code
4. Select FY for which you want to see the report.
5. Click on "Generate Report" for online view or Click on "Excel Button" for downloading excel report.
2. Form 12BA
When an employee receives ‘perquisites’ from his job, Form 12BA is provided by his employer to the employee. Perquisites are the benefits derived from a job or a position and these are in addition to salary already being paid to the employee.
This form is basically a detailed statement with information about perquisites, fringe benefits or amenities and profits in lieu of salary. The Income Tax Act has set out rules for calculation of monetary value of these perquisites. The value of these payments is shown in the form and also the amount that is taxable for the employee towards these perquisites.
Do note that this is form is additional to the Form 16 you will receive from the employer. Value of Perquisites u/s17(2) of the Income Tax Act is already included in the Part B of your Form 16. The TDS deducted on perquisites is also included in Form 16. Therefore Form 12BA is an additional detail meant only for perquisites.
This form will be available to employees when system will allow people to download Form 16 from Employwise system.
3. Introduction of monthly Group head in payhead definition in payroll module
There are several group heads in which amounts to be paid to employees on monthly basis and overall group is also defined as monthly group head.
It is required for providing flexibility to employees to do flexi in the compensation and they can choose amounts which will be paid to them on monthly basis.
4. Charitable Donations (80G) Changes in Tax Declaration
We have seen significant misuse of this option in Tax Declarations.
Employees usually declare some random amount and get tax benefit for entire year and just before FY end remove this declaration or while verification this line item gets rejected because people have not done any payments.
This creats a big problem for organizations in doing recovery of amounts in last month of FY and end up with negative salaries of people.
For avoiding such situation, we have introduced below changes in this head.
1. There is no option of declaring under this head.
2. Attachment is mandatory while declaring amount in this head.
2. Employee needs to submit proof under this head and that must be verified by Verifier else this benefit will not be given to employee.
Leave & Attendance
1. New Filter in HR Leave encashment
While doing Leave Encashment by HR below filters has been provided.
1. Include employees whose separation request has been accepted.
2. Include employees who has submitted separation request.
Travel & Expense
1. Mandatory reason to be asked in case of any deviation in any expense claim
Whenever any employee creates any claim and it is a deviation system inform employee that it is a deviation and when this request goes to deviation approval then he needs to send this back to employee for asking the reason.
Now we have made it mandatory that whenever there is a deviation then employee needs to enter the reason along with claim so that Approver need to not the send back for knowing the reason.
It will reduce the steps of processing a claim.