How To Help Employees In Managing Their Tax Liability
Taxation is the big elephant in the room that certainly needs to be addressed. It is the cruel reality of the life of any employee. Many people hire CAs and shell out lot of money to get their tax records straight. This does require them taking leaves from their work too. It can be avoided with payroll software that comes with the feature of tax management.
The employees can perform following functions using the software:
- Get form 16: The software offers the ease of obtaining form 16. All employees have their form 16 uploaded on their software. They are given intimation regarding the same through alerts on email or SMS. Thus, they need not run to HR department every time the tax filing season is around.
- Get salary record: All the salary slips are uploaded for the employees in their respective accounts maintained in an HR software. The employees can find the salary earned, over time done, leaves availed, etc. The software can calculate the tax liability on the basis of these informations provided by the employees.
- Get interest certificates for home loan: Many employees buy the houses on loan. They need to furnish the interest paid certificate, etc. to get the applicable rebate in tax. The interest certificates can be saved by the employees in the soft form. They can retrieve them when needed to complete the tax computation process.
- Investment suggestions: The modern HR software comes with value-added feature like investment suggestions. The software is linked with various investment sites that can provide the information about the tax-saving venues available.
Thus, employees of the present times can enjoy better control over their income with the help of HR management software. This provides privacy, saves time and also offers readymade venues for making investments without depending too much on tax consultants.