The Investment Declaration Setting can be accessed by Logging onto the TeamNest portal and by going to Admin Section >> Payroll Utilities >> Investment Settings.
Please find below the details of the settings for the Investment Declaration section and the changes that need to be done before running Payroll for New Financial Year.
Turn Off the option "Disable Provisional Investments"
Turn Off the option "Enable Actual Investments (With Proof)"
Turn Off the option "Consider Actual Investments"
Turn Off option “Always Consider Actual Investments for March Payroll “
i. This will consider Provisional Investments while calculating the TDS.
ii. These changes will be effective immediately and will apply to any Payroll that is being run after doing the changes.
Each of the below mentioned settings have relevance and are described in brief in the following paragraph:
Significance of Setting options provided in Investment Declaration
Disable Provision Investments:
This setting is used to disable Provisional Investment Declaration from Employee Side. Turning ON this functionality enables the Employees to add their Investment Declarations. Usually, this feature is OFF so that employees are free to modify their Provisional Investment amounts as and when they desire. When Consider Actual Investments functionality is turned OFF, TDS is computed based on Provisional Investments
Enable Actual Investments:
To enable the Actual Investment Declaration with Proof as an attachment, this functionality has to be turned ON. Turning this Off will restrict the Employees from attaching any Documents/ Attachments as proof of the Investment Declaration. This is usually turned ON towards the end of the Financial Year (Jan to Mar).
Consider Actual Investments:
This setting is used to understand if the Approved Investment Amount (Actual Investment Amount) should be considered while calculating TDS. This functionality is usually turned ON towards the end of the Financial Year (Jan to Mar) once all the employees have submitted their Investment Proofs online and the same has been audited. When the HR/Admin turns this ON, the TDS will be computed based on the Actual Investment amounts i.e., Approved amounts.
Always Consider Actual Investments for March Payroll:
If this setting is turned ON, then the Portal will consider the Actual Investment Amount as declared by the Employee for the March Payroll. Turning OFF this functionality will allow the Admin to make changes in the Declaration for the month of April, May June Payroll processing as per the previous financial year.