How to declare amounts under tax saving allowances?

Employees with higher salaries may face a significant tax burden, but certain allowance components like Leave Travel Allowance (LTA), Mobile Reimbursement, and Food Coupons can help reduce taxable income. These allowances are tax-exempt under various sections, and employees can declare them to lower their overall tax liability.

Steps for Employees to Declare Tax Saving Allowances:

1. Go to My Finances ➔ Manage Tax.

2. In the Declaration tab, scroll to the Tax Saving Allowances section.

   

3. Click the Edit icon next to the allowance you want to declare.

4. Update the amount under the Declaration column and click Save.

   

5. The declared amount will be saved, and you will need to submit supporting proofs when required.

Steps for Admins to Declare Tax Saving Allowances on Behalf of Employees:

1. Search for the employee profile using the search bar.

2. On the profile page, go to the Finances tab ➔ Manage Tax ➔ Declaration section.

   

3. Scroll down to Tax Saving Allowances.

4. Click the Edit icon next to the allowance you want to declare.

   

5. Enter the amount under the Declaration column and click Save.

6. The entered amount will be saved for future tax calculations.

   

This will ensure the tax-saving allowances are taken into account during tax calculations.