proof of investment
DESCRIPTION
The proof of investment (POI) feature allows employees to update the proof of investments done and makes the process of verifying proofs streamlined and smooth.TRANSCRIPT
![Page 1: Proof of investment](https://reader033.vdocument.in/reader033/viewer/2022052903/5575993bd8b42aff598b4735/html5/thumbnails/1.jpg)
Proof of Investment ModuleFeatures & Benefits
![Page 2: Proof of investment](https://reader033.vdocument.in/reader033/viewer/2022052903/5575993bd8b42aff598b4735/html5/thumbnails/2.jpg)
Proof of Investment• Tax planning and investment declaration is done
by employees for tax exemption for the next
financial year.
• Taxable Income is computed based on this and
subsequently tax will be deducted, every month.
• Proof of investment is to be submitted by
employees to show the validity of their
investments.
![Page 3: Proof of investment](https://reader033.vdocument.in/reader033/viewer/2022052903/5575993bd8b42aff598b4735/html5/thumbnails/3.jpg)
Benefits of POI Module
• Ensures quick & hassle free verification of declared investment
against actual investment.
• Data entry mistakes are minimal as it is updated at source by
employee
• Automated email alerts on status of proof items
• Sends reminder mails to employees who have not submitted
their declaration.
• Online submission of documents reduces paper work and
transaction time.
![Page 4: Proof of investment](https://reader033.vdocument.in/reader033/viewer/2022052903/5575993bd8b42aff598b4735/html5/thumbnails/4.jpg)
Benefits - For the admin
• Option to allow employees to submit POI in a
designated time frame and negate ad-hoc submissions,
thereby streamlining processes
• Keep track of submitted and pending POIs and initiate
further communication
• Option to make remarks on rejected POI there by
leaving no ambiguity to the process.
• The Admin can reopen a submitted POI for any changes
• As all data is entered by employee at sources, data
errors and efforts get reduced.
![Page 5: Proof of investment](https://reader033.vdocument.in/reader033/viewer/2022052903/5575993bd8b42aff598b4735/html5/thumbnails/5.jpg)
Benefits - For the employee:
• Be notified by Payroll/HR department, intimating the time line for POI
submission to act on without lapses
• Employee can update the details with necessary supporting documents.
• To view and monitor the status of Proof of Investment
• As this communication happens before the final payroll processing,
employees have an opportunity to fix issues and ensure that correct tax
deductions happen
![Page 6: Proof of investment](https://reader033.vdocument.in/reader033/viewer/2022052903/5575993bd8b42aff598b4735/html5/thumbnails/6.jpg)
Process in
![Page 7: Proof of investment](https://reader033.vdocument.in/reader033/viewer/2022052903/5575993bd8b42aff598b4735/html5/thumbnails/7.jpg)
POI process
POI released to the employ
ees
POI review
– Accept/ Reject
Consider for tax calculati
on
![Page 8: Proof of investment](https://reader033.vdocument.in/reader033/viewer/2022052903/5575993bd8b42aff598b4735/html5/thumbnails/8.jpg)
Release POI
The option to release POI Declaration to employees is available under Payroll>Admin. Release POI for selected or all employees
![Page 9: Proof of investment](https://reader033.vdocument.in/reader033/viewer/2022052903/5575993bd8b42aff598b4735/html5/thumbnails/9.jpg)
Employee submits proofs of investmentThe employee receives a notification in Employee Portal about activation of POI
![Page 10: Proof of investment](https://reader033.vdocument.in/reader033/viewer/2022052903/5575993bd8b42aff598b4735/html5/thumbnails/10.jpg)
Along with filling in the IT Declaration, employee can upload the proofs
![Page 11: Proof of investment](https://reader033.vdocument.in/reader033/viewer/2022052903/5575993bd8b42aff598b4735/html5/thumbnails/11.jpg)
Proof is submitted for investments made, rents and other income
![Page 12: Proof of investment](https://reader033.vdocument.in/reader033/viewer/2022052903/5575993bd8b42aff598b4735/html5/thumbnails/12.jpg)
POI track
Process Proof of Investment (POI) submitted by employees. Go to Payroll>Admin>POI Track
![Page 13: Proof of investment](https://reader033.vdocument.in/reader033/viewer/2022052903/5575993bd8b42aff598b4735/html5/thumbnails/13.jpg)
POI review
Once processed, the declaration is considered for TDS computation
Ability to accept or reject the applied proof with remarks
![Page 14: Proof of investment](https://reader033.vdocument.in/reader033/viewer/2022052903/5575993bd8b42aff598b4735/html5/thumbnails/14.jpg)
Reminder for submission
For employees who have not submitted their POI declaration, you can send them reminder or As Admin, you can submit employee's IT Declaration with existing values or modify values.
![Page 15: Proof of investment](https://reader033.vdocument.in/reader033/viewer/2022052903/5575993bd8b42aff598b4735/html5/thumbnails/15.jpg)
@greytip
/greytip
/company/greytip-software-pvt-ltd
Thank you +greytipIn
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Stay connected
@greytip
/greytip
/company/greytip-software-pvt-ltd
+greytipIn
/GreytipOnline
Stay connected
Thank you
For more email us at [email protected] or visit our Help Doc