Comprehensive handling of Provident Fund (PF), ESI, Profession Tax and Income Tax
With Greytip Online, you get peace of mind regarding your payroll statutory compliance and statutory reports. All relevant rules are built into the software and all statutory reports are ready to print without any effort on your part!
Another big advantage of using Greytip Online payroll software is the facility to get informed on changes in these specific statutory rules and regulations. You have the option to automatically update your settings to comply with the latest regulations.
Provident Fund (PF)
Greytip online calculates and enables you to deduct and report on all PF statutory requirements. Salient features are:- Provision to mark an employee as PF Eligible or non-PF Eligible
- For all PF Eligible employees, automatic calculations of Employee PF Deduction, Employer PF contribution and Employer EPS Contribution
- Provision to restrict deduction upto statutory limit (Rs. 7500) or calculate on the entire Basic
- Handling of PF calculations on arrears
- Facility to deduct VPF (Voluntary Provident Fund) from the employee salary
- Calculation of PF and EPS Admin charges
- Comprehensive PF Statutory reports:
- PF - Monthly Statement
- PF - Form R1 - Monthly Return for Employees
- PF - Form 12A - PF Monthly Statement of Consolidation paid
- PF - Form 5 - Consolidated statement of members joining PF
- PF - Form 10 - Consolidated statement of members leaving PF
- PF - Combined Challan Report
- PF - Form 3A - Annual Statement to Employees
- PF - Form 6A - Consolidated Statement For Contribution Card. This report is available in hard-copy and in EDI (soft-copy) format
ESI
Greytip Online handles ESI related deductions and associated rules comprehensively. Salient features are:- Provision to mark an employee as ESI Eligible or non-ESI Eligible
- For all ESI Eligible employees, automatic calculations of Employee ESI Deduction and Employer ESI contribution
- Automatic computation and deduction of ESI on the Gross payout
- Inbuilt features to continue deductions upto required period when an employee moves out of the ESI limit. You do not need to remember to stop or restart the deductions.
- Comprehensive ESI Statutory reports:
- ESI - Monthly Statement - Detailed and Summary
- ESI - Challan Report
- ESI - Form 6 - Half Yearly Statement
- ESI - Form 7 - Half Yearly Statement
Profession Tax (Prof. Tax)
Greytip Online ensures that the Profession Tax deductions for all applicable states are handled and deducted from the employees. Salient features are:- Automatic linking of Profession Tax slab based on location of employee
- Profession Tax deduction amounts calculated on specific state rules - extra deduction in the month of February in Maharashtra, once in 6 months payout in Tamil Nadu, etc.
- Monthly and Annual reports based n the formats of each state. For e.g.
- Profession Tax - Form 5A Karnataka PT
- Profession Tax - Form 3 Maharashtra PT
Income Tax
One of the strong points of Greytip Online is its ability to compute and make the correct deductions of Income Tax. Indian Income Tax rules are one of the most complex in the entire world. There are a large number of different clauses and sub-clauses that need to be handled while calculating the Income Tax of an employee. To top this complexity, the entire responsibility of calculating and deducting the Income Tax payable.Greytip Online's Income Tax module enables you to easily perform these calculations. Your job is quite simple. You will only need to provide two pieces of inputs - House Rent and Savings. Once done, all calculations and reporting is handled by the application.
Salient features of the Income Tax module are:
- Specify whether an item is taxable or not
- Facility to tax part of a payout
- Facility to calculate total taxable income based on payouts till date and projections of payout for rest of the year
- Calculate and include all relevant perquisites like House Perquisite, Loan Perquisite (linked to Loan module), etc.
- Collect and incorporate previous employer income in the tax calculations
- Accurately calculate the House Exemption based on location of the person
- Automatically calculate the other exemptions like Medical, LTA, Conveyance and Education. Ability to link this to the Reimbursements module
- Incorporate the Profession Tax and PF deductions done in the payroll, automatically into the Income Tax calculations
- Facility to specify the savings done by the employee. Extensive list of sections, the upper limits in each is already built in, to make your job easy and ensure compliance
- Calculation of final Income Tax based on all the above inputs and including other information like Female employees, Senior Citizens, employees who are settled, etc.
- Please note that all the above calculations are done totally transparent to you and done every month (on the latest data) as part of a single-click Payroll process.
- Reports to employees (can be auto-emailed) explaining in detail on how the calculations are done. This will ensure that queries to you on Income Tax are reduced
- All statutory reports including
- Income Tax - Monthly Statement
- Income Tax - Form 17 (basic template ready. Will be released once notified by the Income Tax Dept.)
- Income Tax - Form 16 and Form 12BA. This is available with Digital Signature and direct mailing to employee options.
- Income Tax - Form 24Q. This is available in hard-copy and ETDS formats. You can file your eTDS returns with this feature.
- Income Tax - Form 24C (basic template ready. Will be released once notified by the Income Tax Dept.)