Sub – Investment Declaration for FY 2015-2016
Dear Colleagues,
This is reference to declaration of your proposed financial investments during FY 2015-16 for income tax purpose. In this regards, we request you to kindly declare your proposed investments for the FY 2015-16 latest by 27thApril 2015 onOsource Payroll portal > Income Tax > Investment Declaration; enabling us to process your payroll and tax thereon correctly.Investment declaration would be considered as nil in case it is not updated on the portal by the said date.
APPLICABILITY
It is mandatory for all employees earning Average Gross Salary above Rs.20000/- per month to declare their investments. Employees would need to factor in their expected incentives, bonus, leave encashment earned & salary revisions for the entire financial year while computing their average monthly gross.
All new Joinees need to compulsorily make their investment declarations before the release of their salary. These investments should be declared before the 25thof every month so as to be considered in the same month's payroll. In case the declaration is done later, the same will be considered for the subsequent month's payroll.
New Joinees would also need to compulsorily update their PAN details on the Adrenalin system for processing of their salaries. We request all reporting authorities/team members/ recruiters to communicate the same to the new joinees at the time of their joining.
PROCESS
You could complete the investment declaration by following the pathOSource Payroll Portal > Income Tax > Investment Declarationand complete the Online Investment Declaration form.New Joinees having other incomes, like salary earned from previous employer will need to update the same onOsource Payroll Portal > Income Tax > Investment Declaration > 12B.
The Online form contains: -
Sr. No Type
1 Investments: 80C / 80D / 80E etc
2 Rent
3 12 B incomes
4 12 C
5 LTA (Claim details will be send to all applicable employees separately.)
6 Education Allow
7 Medical Allow
You will need to declare separate amounts for all the investment components for investments under Section 80C of the IT Act. Employee's contribution of Provident Fund is also considered as investment, deduction under Sec 80C.
Employees who do not have Provident Fund as a salary component can opt for the same as a part of their salary by posting request through below mentioned link on :OSource Payroll Portal > Flexi Pay Option > Provident Fund Contribution.
As usual, all final investment proofs need to be submitted as hard copies only addressed to the Payroll Team at our Thane Office(Address :IIFL House, Sun Infotech Park, Road No. 16V, Plot No.B-23, Thane Industrial Area, Wagle Estate, Thane - 400604)beforeDecember,31, 2015.
COMPUTATION
Tax will be calculated as per new Income Tax Slabs for FY 2015-16, as per below norms:
Period of April 2015 to December 2015:
Tax calculation for this period will be based on declaration given by an employee, tax that cannot be saved or exceeds as per the investments declared will be deducted in equated installments for the FY 2015-16.
Period of January 2016 to March 2016:
Only hard copies received by HR from the employee will be considered for calculating tax for the period from January 2016 to March 2016. Any employee failing to submit the investment proofs in time will get a proportionate tax deduction in the months of January, February & March.
Form 16 for the FY 2014-15 will be provided by Osource in the first week of June 2015.
Regards,
Corporate Communications,
India Infoline Ltd