{"id":3499,"date":"2021-03-23T17:45:17","date_gmt":"2021-03-23T12:15:17","guid":{"rendered":"https:\/\/razorpay.com\/learn\/?p=3499"},"modified":"2022-10-03T22:27:21","modified_gmt":"2022-10-03T16:57:21","slug":"how-to-make-tax-declaration-form12bb","status":"publish","type":"post","link":"https:\/\/razorpay.com\/learn\/how-to-make-tax-declaration-form12bb\/","title":{"rendered":"Tax Declaration: A Walkthrough For Employers and Employees"},"content":{"rendered":"

Every employer seeks a tax declaration from their employees at the beginning of a financial year. This declaration is a list of all tax-saving investments that an employee commits to make in that particular year.\u00a0<\/span><\/p>\n

Based on the information provided in the tax declaration, the employer calculates and deduct tax at source (TDS) proportionately from the employee\u2019s monthly income. TDS on salary payments is governed by Section 192 of the Income Tax Act, 1961.\u00a0\u00a0<\/span><\/p>\n

Declaring tax-saving investments is not all! Employees need to submit proof of expenses or investments during the year to support their declaration. If they fail to do so, the employer will have to recover the tax shortfall from the employee\u2019s salary in the remaining months.\u00a0<\/span><\/p>\n

Employers managing payroll traditionally using spreadsheets collect investment proofs in physical copies or via email. Then, the concerned team verifies the details and approves the tax declarations. The whole process becomes cumbersome and confusing.\u00a0<\/span><\/p>\n

But, this process can be simplified for employers as well as their employees through automation.\u00a0<\/span><\/p>\n

Let\u2019s shed some light on the entire tax declaration process using payroll automation and see how RazorpayX Payroll helps employers with all-things payroll.\u00a0\u00a0\u00a0<\/span><\/p>\n

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