Guidelines to Submit Investment Proofs in Zoho Payroll
During every financial year, you can declare investments to reduce the taxable income on your salary. You have to submit proofs for all the investments you have declared, so that your employer can match the declared investments along with the submitted proofs and compute the true-up of taxes.
Based on the investments declared and submitted proofs, the following outcomes are possible.
- If the value of declared investments is equal to the value of proofs submitted, there won’t be any change in your taxable salary from the time you declared your investments.
- If the value of declared investments is greater than the value of proofs submitted, then your taxable income increases. You have to pay more taxes.
- If the value of declared investments is less than the value of proofs submitted, then your taxable income decreases. You can reclaim the additional taxes paid through IT returns.
- If you do not declare any investments and do not submit any proof, you will be taxed as per the Government mandated tax slabs.
Things to keep in mind
- Investment Proofs (POI) can be submitted only when the POI submission window is opened by your employer. You will receive an email and a notification in the Home tab inside the self-service portal
- You can view the declared investments and proofs and also respond to comments made by your payroll admin using our mobile app.
Steps to be followed
- Log in to your self-service portal.
- Under the Investments tab, click Proof Of Investments.
- Click Submit Proofs.
- Enter the actual amount invested against each investment category.
- You can add new investments if needed.
- Click Save.
- The Proof Of Investments option under the investments tab now contains a summary that includes Net Taxable Income, Total Tax, Tax To Be Paid, and Status of the Submitted proofs.
- For each investment declared, you can attach the proofs by clicking the Attach Icon in the summary page.
- You can also add comments which will be visible to your payroll admin.
- Review all the information you have submitted, tick the acknowledgement box and click Submit.
Editing the submitted Proof of Investment (POI)
- You can edit or withdraw the submitted investment proof if the POI submission window is still open.
- Investment proof once submitted, cannot be edited without withdrawing it.
- To withdraw your investment proofs, go to the summary page and click Withdraw Proof of Investments. In the confirmation pop-up box, click Yes.
- Once the submitted proofs are withdrawn, click Edit Proof Of Investment to make changes.
- Click Save.