In order to claim the applicable exemptions from Income Tax Deductions, the Employees have to submit a provisional declaration of deductions and exemptions at the beginning of the Financial Year. On the basis of these declarations, the TDS is deducted on the Employees’ salary by the Employer.
1. This can be done on the TeamNest portal from the
Employee Section >> My Documents >> Investment Declaration.
2. On the Investment Declaration page, under Tax Regime, by default the New Tax Regime is selected for the current Financial year. There are very few and limited sets of exemptions available to save Taxes in the New Tax Regime.
3. In case, the Employee intends to opt for the Old Tax Regime to avail of a larger set of tax exemptions, the Employee is required to go to:
Employee section >> My Documents >> Investment Declaration >> Tax Regime.
Once here, the employee needs to click on the Sample Document link to download the template of the declaration.
Clicking the Sample document link will give an option to download the DECLARATION U/s. 115BAC for the current Financial Year.
The employee is required to print, read, and understand the document, before signing and uploading the same from:
Employee section >> My Documents >> Investment Declaration >> Tax Regime >> Choose File.
4. Once uploaded, the Provisional Investment Declarations can be entered in the respective sections and finally submitted by clicking on the Save tab provided at the bottom of the page.
5. In case the employee has chosen the Old Tax Regime, the Administrator will audit the declaration letter, and if in order, will reset the Regime Type to the Old Tax Regime.
6. If the Employee intends to stay in the New Tax Regime, then they do not need to carry out any
action.
7. Alternatively, there is a non-paper based option in which, if your company permits you to submit the Regime Declaration electronically, then the employee can opt for the same by going to :
Employee section > My Documents > Investment Declaration > Tax regime.
Once here, click on the Regime Type dropdown list, and select Old Tax Regime.
8. Now the portal will prompt for the following Tax Regime Acknowledgement. Once the Employee reads and clicks on the Okay button, the Employee can submit details of their Investment Declarations allowed in the Old Tax Regime:
9. Please note, that once an employee switches to the Old Tax Regime, they cannot switch back to the New Tax Regime in the current Financial Year. Hence please analyse both Regimes before choosing.
10. The employee can analyse which of the 2 Tax Regimes is more beneficial for them by clicking on:
Employee section >> Tax Calculator
Follow the steps in the screens that follow to get a final analysis of the Tax that will be deducted in each Tax Regime.
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