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Employers are required to deduct taxes from their employees’ salaries which they are to deposit with the Income Tax Department on behalf of them. However, to save these taxes, employees submit investment proofs to their employer and then claim deductions and allowances. Therefore, before deducting these taxes, the employers go through these investment proofs and then compute the taxable income based on the declarations. Though it sounds easy companies with a huge number of employees have a hard time getting all the documents from each employee and then storing it for efficient computation.
H&R Block India launches Online Investment Proof Verification System to help companies get rid of the tedious process of collecting proof of investment from employees manually. An employer can now automate the entire process with respect to sending email to start the process, reminders and approval status on click of a button to hundreds and thousands of employees. Employees can then log in to the system and upload the documents which the employer can review, accept or reject. After the process is complete, a notification email will be sent to the employees. All the information can be exported to an excel sheet and imported into the payroll system.
Let us understand the key features and benefits of the system.
Submit Documents Online
Employees need to submit their documents on the system. This will save them as well as the payroll department from keeping/storing proofs in the physical form.
Auto-Generate Form 12BB
Form 12BB will be auto-generated by the employer with a single click which makes the service time-saving.
Send Reminders for Non-Submission
Employer can send a reminder to employees who haven’t submitted their proof of investments.
Document Verification on Single Screen
The system allows verification of different documents on a single screen so that the person who is verifying the proofs doesn’t have to go back and forth for reviewing every single document. This feature saves a lot of time of the proofer and verification is done quickly.
The proofer goes through the documents and simply clicks on either the ‘Accept’ or ‘Reject’ button. Verification of documents on the system is as simple and easy as that.
Benefits of Investment Proof Verification System
H&R Block’s Investment Proof Verification System gives you the following benefits:
- No paperwork
- Seamless submission of documents
- Employee can preview the uploaded document in a single screen which helps avoid errors in specifying claimed amounts
- Employee can submit documents with 3 different due dates (Jan, Feb, Mar)
- Employee can view and monitor the status of his submission anytime and anywhere
- Hassle free verification
- Uploaded documents are segregated under different section headers
- Resubmitted cases are marked separately
- Option to make notes while rejecting thereby leaving no ambiguity to the process
- Real-time reporting on submissions and verifications makes the whole process even more efficient
This system will help you save a lot of time and storage capacity as everything is arranged properly and reaches the respective department on time. All you have to do is set this system up and let the employees upload the documents in a few clicks. Verifying the documents via Investment Proof Verification System is time-saving and simple.
How can H&R Block help you?
If you are looking for an innovative tool to make the investment submission and review process easier, then H&R Block’s Investment Proof Verification System is the solution for you.