Guide for Using Investment Declaration for Provisional and Tax-saving Proofs

The Investment Declaration provides an automated workflow for employees to submit Investment Proofs and for the Administrator to audit and approve/reject them. 

It is an easy-to-use online system to finalize TDS calculations. No paperwork, no email hassles. One single platform to manage investment proofs for year-end tax calculations.

FOR EMPLOYEES

1. Go to the Investment Declaration page from
   Employee Section > My Folder > Investment Declaration.
   
   
   
   
   
2.  On the Investment Declaration page under Tax Regime, by default, the New Tax Regime is selected for the current Financial year. 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 Folder > Investment Declaration > Tax regime.
   Once here, click on the Regime Type dropdown list and select Old Tax Regime.
   
   
   
   
3. Now the portal will prompt for the following Tax Regime Acknowledgement.
   
   
   

   Once the Employee reads and clicks on the Accept button, the Employee can submit details of their Investment Declarations allowed in the Old Tax Regime:
   

   Note: A comprehensive guide on the Employee Investment Declaration Guide is available in the Help section of the TeamNest webpage:
   https://help.teamnest.com/hc/en-us/articles/17994503948185-Employee-Investment-Declaration-Guide

4. On the Investment Declaration page, there will be a list of all the available investment items. Against the investment(s) that have been made by employees, enter the amount. From January onwards, proofs will be asked for and the same can be uploaded as supporting documents (pdf or image format).
   
   
   
   
5. If the employee has not finalized all his or her entries, the details can be saved in Save as Draft mode. In such a case a notification does not go to the HR/Admin. This allows employees to complete their entries over multiple sessions. Once all details are complete, the employee can click on Save & Submit in which case the notification goes to the HR/Admin to view and audit the same.
   
   
   
   
6. An Employee can update their investment details until the time the Administrator has not locked the submission. Also, an Employee can view a note (if any) shared by the Administrator if either a partial amount was approved or rejected.
   
   
7. The employee will receive a notification once the audit has been completed or any update has been made by the Administrator for that employee’s investment records.
   

For Administrators / Auditors

1. Go to the Investments page from
   Admin Section > Payroll Utilities > Investments, to verify and audit all Employee Investments from a single page. By selecting the Pending filter (by the side of the Action button), the page will show all the unaudited investment cases that need to be audited.
   
   
   
   
2. Any Investments saved by the Employee under the Draft mode will appear by selecting the Draft filter. The Draft mode indicates the Employee will be adding more details to his or her investments.
   
   
3.  The Administrator will have to click on the relevant text link in the Action column to see the details of investments made by that Employee.
   
   
   
   
4. The Administrator can view the declaration and the proof that was uploaded as supporting.  After due checking, the Administrator can enter the approved amount for each applicable investment. They can also enter a note with reasons for an employee e.g. when the amount declared is only partially approved or completely rejected. This note will be visible to the employee. Once this process is completed the administrator will mark the Investment as Audited and click Save & Submit.
   
   
5. On Clicking Save & Submit, a notification is sent to the employee with an Audit update message. If the employee makes any further changes to their investment declarations, the case is reopened and will appear in the pending list of the Administrator's Investment dashboard. The process will be repeated for all the pending investments for Auditing. At any point of time, the Administrator can download an Excel Report of the amount declared by the employee and the amount approved by the Auditor in a crosstab format.
   
   
6. The process will be repeated for all the pending investments for Auditing. At any point of time, the Administrator can download an Excel Report of the amount declared by the employee and the amount approved by the Auditor in a crosstab format.