Tax declaration is one of the key steps in the income tax filing process. This is where you disclose all the taxable income sources that you have earned during a given financial year. It also includes allowances like house rent allowance (HRA), leave travel allowance (LTA) and interest paid on housing loan, among others. This is a legal obligation for employees to fulfil, and employers should have proper procedures in place to verify the information submitted by their employees.

Using automation, it is possible for companies to streamline their processes and ensure that the information submitted by employees is correct. For example, they may be able to automatically collate the online Form 12BB and all the other documentary proofs in a single platform where all employees can upload them. Then, the payroll team can verify these documents before submitting them to the government.

The department is also working with existing software providers to develop specifications so that they can continue to use their current programs, in addition to MyDec, to issue electronic stamps. These companies include ACS, Computer Information Concepts, Cott Systems, IT Stability and Tyler Technologies.

Whether you want to boost your emergency fund, save for retirement or make an extra student loan or mortgage payment, knowing how much your refund will be can help you plan accordingly. Here’s a look at some of the top three problems people face with tax declaration and how you can avoid them. Steuererklärung

By Admin

Leave a Reply

Your email address will not be published. Required fields are marked *