We hope you are staying safe and healthy during this crisis. Now, more than ever, it is imperative that payrolls are processed and paid on time for all employees. We are constantly working to enhance our payroll application to make this easier. Here are the updates we've introduced for this month.
Override loan repayment amount
You can now skip or override your employees’ loan repayment amounts before processing payroll. To skip a loan repayment, enter 0 as the repayment amount. This option helps you offer your employees an extra grace period as they navigate new financial challenges.
To override a loan repayment amount:
- Go to the Pay Runs module in the left sidebar.
- Create a pay run for the payout month.
- Select the employee for whom you want to change the loan repayment amount.
- In the pop-up, click the Pencil icon next to the loan amount, and change the deduction amount. If you want to skip the deduction for that month, enter 0.
- Enter a reason for changing the deduction and click Save.
Customise payslip template
When you customise the payslips you send out to your employees, you can now choose to include employees' PAN, YTD, and work location. To customise a payslip:
- Go to Settings then, Payslip Templates.
- Hover over a template and click the Pencil icon.
- Check or uncheck desired options.
- Click Save.
Union Budget 2020 changes implemented
The Union Budget 2020 introduced a new tax regime with reduced tax slabs, while excluding most exemptions. Taxpayers can now choose to file taxes according to either the old tax regime or the new tax regime.
We have updated the application to handle both tax structures. From the start of this fiscal year (April 2020 - March 2021), employees can choose their desired tax regime, make their investment declarations and submit appropriate proofs, all within the Zoho Payroll self-service app. They can even compare their tax liability under both tax regimes using Zoho Payroll's Tax Calculator before making a selection. Employers can also perform these actions within the Zoho Payroll app on behalf of the employees. Taxes will be calculated and deducted from the employee's salary based on the tax regime selected.
Let us know how these updates helped you in the comments section. If you have any queries, write to us at firstname.lastname@example.org and we will be glad to assist you. Until next time, stay safe.
The Zoho Payroll Team