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Adjust TCS/TDS deductions during POI

Updated in December - 2024 | Subscribe to watch greytHR how-to video

During the Proof of Investment (POI) submission period, usually at the end of the financial year or as per the companyโ€™s timelines, employees can now submit proofs of TCS and TDS deductions. 

What is TCS and TDS?

  • TCS (Tax Collected at Source): A tax collected by the seller from the buyer at the time of sale, especially for high-value goods or transactions. 

  • TDS (Tax Deducted at Source): A tax deducted at the source of income such as salary, interest, or other payments. 

Declaring TCS and TDS on time ensures accurate tax calculations, prevents overpayments, and aligns with year-end income tax filings.

How does TCS/TDS impact income tax and POI?

  • Income Tax: Declaring TCS/TDS ensures taxes already paid are accounted for, reducing double taxations, refunds, and miscalculations.

  • POI (Proof of Investment): Including TCS/TDS in POI helps adjust taxable income, optimize savings, and simplify Tax adjustments

The TCS/TDS section added to the Proof of Investment page helps employees declare TCS/TDS directly from their greytHR ESS Portal to simplify and optimize their tax calculations.

Steps to declare TCS/TDS in POI

As an employee, to declare TCS/TDS login to your greytHR ESS portal and go to Salary > Proof Of Investment.

  1. From the dropdown on the right-hand side of the page, select the required year.

  2. Under POI Components, select TCS/TDS Deduction.

  3. From TCS Deduction, click + Add to declare the TCS amount

  4. Attach Proof

  5. Enter Remarks 

  6. Download Form 12BAA, fill in the details, and upload again.

  7. Click Save and Review & Submit.

โ„น๏ธ Perform the same actions to declare TDS Deduction.

After the employees declare their TCS/TDS deductions, the admin can view them on the Income Tax page and in the Income Tax Statement.

To view the TCS/TDS deductions on the Income Tax page, login to the greytHR Admin portal, and go to Payroll > Payroll Inputs > Income Tax.

  • Select the employee, click the Others tab, and scroll down to the TCS/TDS Deduction section to view the selected employeeโ€™s TCS/TDS Deductions. 

To view the TCS/TDS deductions in the Income Tax Statement, login to the greytHR Admin portal, and go to Payroll > Payroll Inputs > Income Tax.

  1. Select the employee, scroll down, and click Download.

  2. In the selected employeeโ€™s Income Tax Statement, the Tax Paid Till Date section displays the TCS/TDS Deductions.

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