What's New in Zoho Payroll [India Edition]: February 2021
We are happy to see you in this new year and wish you well. For the month of February, we've enhanced the salary components module. Read on to learn about it.
Pro-rata option for pre-tax deductions
Pre-tax deductions ensure that a portion of the employee's income is set aside towards savings for the future while also reducing the taxable income. However, if your employee is on a leave of absence for a while, the pre-tax deductions might cause their cash in hand to come up short. To avoid this, you can now enable the option to pro-rate the pre-tax deductions in Zoho Payroll. Here's how:
- Go to Settings > Salary Components.
- Click Add Component, then Pre-Tax Deduction.
- Select a Deduction Type (National Pension Scheme or Other Non-Taxable Deduction). If you select Other Non-Taxable Deduction, associate it with one of the investment types mentioned in Section 80 of the Income Tax Act.
- Enter a name for this pre-tax deduction to be displayed in payslips.
- If desired, check the option to include employer’s contribution in the CTC.
- Check Calculate on pro-rata basis.
- Check Mark this as active.
- Click Save.
Note: You cannot enable this option for an existing pre-tax deduction that is associated with an employee. Instead, you can create a new pre-tax deduction and associate it with the employee.
Let us know how we can improve your payroll experience in the comments below. You can always reach out to us at support@zohopayroll.com if you need help. Keep watching this space for more updates.
We are celebrating the 2nd anniversary of Zoho Payroll and are delighted to share this milestone with you. To mark this occasion, we've created a digital magazine with articles on the payroll landscape in India this past year, feature highlights, and customer testimonials. You can take a look at it here.
It wouldn't be a celebration without you - our customers, and so, we're running a contest for you. Share the story of how you started the journey with Zoho Payroll, and how you benefit from it. Every entry will be rewarded with goodies. To learn more about this, visit our contest website.
Looking forward to hearing from you!
Sincerely,
Supriya A
The Zoho Payroll Team
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