Hawk HR allows you to manage investment declaration of the employees. Employees can fill in the investment declaration in the portal and submit it. In order to avoid/reduce TDS deduction, employees makes investments in different tax saving scheme. Form 12BB act as a single entity that you can use to declare your investments and claim tax deductions under HRA, LTA, Section 80, and interest paid on home loans under Section 24 of the I-T Act.
Once the investments are declared by the employee, he/ she need to submit the documents as a proof of the declared investments.
Refer to the following steps to declare an investment as an employee:
Navigate to Main Panel -> Compensation -> Investment declaration
The newly opened page shows different fields to add investments
Fill in the details and click on Save option. Once Save option is selected the details filled in gets saved and changes can be made as and when required. This allows you to save the investment as a draft so that you can come back and resume the work
Now click on Submit option, this will submit the form. It sends your investment declaration to the finance team. Once submitted, the values cannot be changed
All the changes will be made instantly. Employees can also download the investment declaration for the selected financial year.
Refer to the following steps to upload document:
Down scroll the page to come to the section of Upload Documents, enter the Title, Description, Amount
Choose the option under which the investment is declared, choose the file to be uploaded as proof of the declared investments, click on Upload button
The entry will be listed in a tabular form holding the status of Submitted, you can download and delete the entry by the help of icons given under Actions column
Note:
200000 is the standard deduction in housing loan repayment interest but maximum limit is 250000 in some special cases.
Once an employee declares an investment, he/ she cannot edit/ update it.