Greytip Software, a leading HR and Payroll solutions provider to SMEs and enterprises across India, today introduced a new IT Savings feature on its mobile app. This powerful feature is available to employees of organisations using the company’s flagship cloud solution, greytHR. It allows users to create, calculate and select the best IT declaration plans from a single location. The app compares potential vs. actual savings and encourages users to save more and declare IT savings with just a click of a button.
How the app works
This feature combines the accuracy of an IT calculator with the convenience of online declaration and submission of proof of investments. It takes into account the actual taxable income of the individual and lets them devise a good IT savings plan that can lead to lower taxes. Users can create multiple plans, compare them and finally choose the best one. The chosen plan can then be submitted to the company as their IT declaration with a click of a button. The feature is available on both the web and the mobile app.
Girish Rowjee, Co-Founder & CEO, Greytip Software said, “Every individual, irrespective of pay grade, wants to minimize taxes. However, most people are not fully aware of the larger tax-saving potential. With greytHR’supgraded IT Savings feature, the process of tax planning is not only simplified but made extremely convenient and user-friendly.”
Tax planning is a big challenge. New norms and regulations make it difficult to be constantly informed of the various ways one can save taxes. The IT calculators provided by financial websites are rudimentary and require a lot of data entry leading to inaccurate results.
In contrast, greytHR app has access to latest and complete employee data leading to very accurate tax computation. It takes minimum effort, can be done every month and also declared to the company often. From the organization’s perspective, this feature streamlines the IT declaration and proof of investment process with simple workflows and a hassle free experience.
Customer quotes
“I have been using greytHR for around two years now and have found it to be an ideal platform to handle my clients’ payroll processing. The latest tax savings and declaration feature is well received by my clients and their employees, as it gives them an opportunity to optimize their savings with customized investment options that reduce tax liability. This leads to better tax planning that in turn, enhances employee satisfaction. The resultant experience enhancement leads to happier clients and more stickiness for my business”, said Venkatesh Krishnan, Greenpay Outsourcing Services Pvt. Ltd.
“We appreciate the new systems introduced in IT Savings and Declaration. A tool that works on an individual level by customizing its projections based on salary structures. The software is smart enough to take into account your actual salary and improve your tax savings through optional investments. With this feature of online declaration of Income Tax investments, individuals have the ability to do a comparative analysis of their shortlisted plans, tweak them and finally select the one that works best based on their savings potential. Every update in the system is on a timely basis, which makes the software absolutely amazing and it saves us, Chartered Accountants, time spent explaining Income Tax planning to individual users”, said S Srinivasan, Partner, R Gopalakrishnan & Co, Chartered Accountants.
