New Features & Developments

Performance Management System (PMS) Module

In response to the evolving needs of our clients, we are thrilled to announce that we are on the verge of rolling out the PMS Module to foster continuous professional development and achieve performance goals within the organization. We are committed to offering a seamless and comprehensive solution for managing, tracking, and optimizing employee performance.

Enhancements 

Payroll Module

Section 87A

Section 87A provides a tax rebate to individual taxpayers if their taxable income is less than Rs.5,00,000 in the Old Tax Regime and less than Rs.7,00,000 in the New Tax Regime. While our tax systems were always compliant with this regulation, our reports would display a net Tax after giving this benefit. Now, employees and HR heads can view the figures for Rebate u/s 87A in Tax Computations, Income Tax Details Report, and in the Salary Sheet of the e-TDS file giving greater clarity on the tax workings.

Employer’s Contribution to Pension Funds

Employer Contributions to employer pension funds i.e. Provident Fund (PF), National Pension Scheme (NPS), and Superannuation exceeding Rs.7,50,000 per year are taxable as perquisites in the hands of the employee. To ensure automatic compliance with this rule we have built out a feature on TeamNest in which if the sum of the amount of the above-stated schemes exceeds Rs.7,500,00, the excess amount will automatically be recorded and added to the employee’s income as a Taxable Perquisite. The additional tax will be calculated on this amount at the applicable slab rate.

Form 12BA

Form 12BA is a statement provided by the employer to the employee every year along with Form 16. This statement provides details regarding the Perquisites and other Fringe Benefits that the employer has provided to the employee in the Financial Year ie. Fuel expenses, Driver’s Salary, Accommodation, etc.

This statement is now available on TeamNest. It can be generated and downloaded for all applicable employees.

Improvements

Attendance Module and Holiday Calendar

Sandwich Attendance Rule

To better manage employee attendance, especially in scenarios of extended employee absenteeism or breaks from work, we have introduced the Sandwich Attendance Rule for Weekly Offs and Holidays. It works similarly to the Sandwich Leave Rule.

E.g. if an employee has Sunday as their Weekly Off and if they were absent on Monday, then by turning this option ON, the employee will be marked Absent even for Sunday.

Revamped Holiday Calendar for Improved User Interface

There has been an addition of the year-wise filter to the admin-side Holiday Calendar for an easier and quicker setup of Annual Holidays. Also, on the employee side, we have introduced separate color coding of Fixed and Optional Holidays to the Holiday as well as Attendance Calendars, to deliver a more user-friendly and intuitive experience.