Enhancements to Investment Declaration Flows

The Investment Declaration and Proof Submission flows have been enhanced to provide greater flexibility and streamline the approval processing for administrators and employees.

The key enhancements include:

  • Configurable Cutoff Month for Investment Declaration Processing
    Administrators can now define the cutoff month up from which the investment declaration should be considered in payroll calculation, providing better control over tax processing timelines.
  • Conditional Display of Proof Submission Flow
    The Proof Submission components can now be automatically hidden when it is not applicable under the New Tax Regime, simplifying the employee experience and reducing unnecessary actions.
  • Automated Overall Approval Status
    The system now automatically derives and updates the overall approval status based on verification outcomes, reducing manual intervention and improving the efficiency of the approval workflow.

Configure Cutoff Month for Investment Declaration Processing:

As a Payroll Administrator, you can configure the cutoff month within the financial year to which the investment declaration data should be considered for payroll calculation in the Income Tax TRU. 

Cutoff Month to consider Investment Declaration Data

Cutoff Month to consider Investment Declaration Data

Select the month in the financial year to which the investment declaration data is considered for processing.

Conditional Display for Proof Submission Flow:

You can hide the proof submission sections not applicable for users who have opted for the new tax regime by selecting Show Only New Tax Regime Sections in the Income Tax TRU. 

Show New Tax Regime Sections - Income Tax TRU

Show New Tax Regime Sections - Income Tax TRU

This displays only the applicable sections for new tax regime users during the Proof Submission time.

Automation of Overall Approval Status:

You can now use the Synchronize Overall Approval Process flow to automatically derive the overall approval status based on the approval status of the individual sections for an employee's investment proof submission.

Synchronize Overall Approval Status

Synchronize Overall Approval Process 

These enhancements help organizations simplify tax declaration processes, improve employee experience, and increase operational efficiency in investment verification and payroll processing.

Steps to enable and configure

You don't need to do anything to enable this feature.