In this post, we will see the process of Importing Employee Declaration information for Tax Computation from Excel to Saral PayPack.
Importing the Employee Tax declaration from excel to software will reduce the work of the pay processing officer as well as will have accurate computation based on the information given by the employee.
In Saral PayPack, to import the details, first export the declaration form in excel format. To export the declaration form, go to Export option under Declaration Form in TDS Details Menu.
The excel file can be exported to the required path/folder or email to the required employees. Along with excel file, Form 12BB can also be exported with prefilled data from the software.
The Excel file will have a different sheet for the employee to fill their declaration.
Let us now learn about each section in the excel, from the screenshot. The first sheet is the declaration from the employee.
Here, Employee details like Employee Name, Emp ID , PAN details will be fetched from the employee Master data. Employee’s Taxable Income, Tax on Income, Surcharge & Cess, Tax deducted etc details will be fetched from the computation details of the employee.
The details to be entered are as below;
First are the Investment details which falls under various section of Chapter VIA
- 80C details(Not deducted from the salary) : To add any investment details done by the employee, navigate to the Sheet 80C Details (sheet-2) and enter the investment details from the sub-section drop down list. The cumulative total amount of all the investments will be summed up in the sheet1 under 80C details.
2.80G Details(Not deducted from the salary) :
Similar to 80C, if there are any donations done by the employee, a list of donations eligible for tax declaration will be available in the Sheet 80G details (Sheet-3). Select the donation from the drop-down list and the sum of all the donation will be visible in the Declaration Sheet (Sheet-1) under 80G details
- 80D(Not deducted from the salary) : The amount spent on health insurance premium can be entered in the 1st column and the amount spent on health insurance premium for parents can be entered in the 2nd column. Amount spent under Preventive Health check up can be entered in 3rd column and Amount spent under Preventive Health check up for parents can be entered in 4th column respectively.
Other investment Details:
|Contribution made by an individual towards a certain pension fund. These funds include;
|Contribution made by an individual towards a pension scheme as certified by the central government. They are;
|Individuals can claim tax deduction for bearing the expenses of the medical treatment of a disabled dependent.
|Interest component of the education loan taken for higher education.
|Claimed by first time home buyers as the amount that they pay towards interest, provided they meet relevant criteria. Max exemption for an FY is 50,000
|Deduction for interest paid on home loan for affordable housing if not eligible to claim 80EE exemption
|Any donation towards the political party.
|(Rajiv Gandhi Equity Saving Scheme), Individuals who have invested in the scheme for the first time can claim deductions under this section.
|An additional deduction of Rs.50,000 on the NPS contributions.
|Contribution by the employers towards NPS.
|Exemption on medical expenses incurred for specified medical disease.
|Provisions for tax deduction benefit to individual taxpayers suffering from a disability
|Exemption on interest paid on a loan made specifically to purchase an electric vehicle
- HRA Calculation- Monthly/ Yearly HRA can be updated here.
If its monthly, then under Description section update the below details,
- Staying in Metro/Non Metro
- Details of Monthly HRA paid
- Have you availed Interest Free Loan from Company?- If there is an Interest free loan taken from the company then the same has to be updated here.
- House Property details – If the employee owns a house which is under home loan, then the details of such loan can be given in this section. The details to be given are as below;
- Specify if the property is Letout/self-occupied.
- Specify if the Loan is borrowed after 31/3/1999
- Address of the property
- The Annual Interest amount paid towards home loan. The first field is for self occupied house & second field for let-out house home loan interest.
(Note: The principal amount should be entered in 80C under the sub section Housing loan repayment)
- Gross Annual value (In case of Let-out property)
- Last, the tax paid (In case of Let-out property)
- Landlord Pan & Name: If the annual rent declared is 1 Lakh and above, then the landlord PAN and Name has to be provided here.
The next sheet will have an entry on NSC purchased by the employee (if any).
Other Source of Income:
This includes Interest received from Savings Bank a/c and Fixed Deposit a/c..
Switch Tax Regime :
Employees can compare the tax between the tax regimes i.e. the old and the new tax regime in the “TAX Regime Compare” sheet. If the employee wishes to change the tax regime from the current one, the same can be updated in this section.
The last sheet is the Information sheet containing the details of savings/investments/exemptions already available in the software. The employee need not include these details during declaration entry.
Note: Make sure that the employees enter the required details in the proper sheet.
On receiving the filled excel from the employees, save all excel files in a single folder and then import the same to the software.
To import, go to Import option under Declaration Form in TDS Details Menu.
Select the folder in which all the excel files are saved and click on Load. The required files will be listed. Select the required employee details and click on Import.
The details will be imported into the respective windows in the software. The imported details can be viewed in More Employee Details window.
You can also learn about Reimbursement in general here:
This completes the process of Importing Employee Declaration to Saral PayPack for Tax Computation.