What is income tax declaration and what is proof of investments?
Income Tax (IT) Declaration:
In the beginning or during the financial year, employees are required to declare all the IT saving investments and expenses they’ve planned for that year in your Payroll application. This process is known as IT Declaration.
Proof of Investments (POI):
Towards the end of the financial year, employees are required to submit the proofs of their actual investments and expenses to corroborate their IT declaration. Employers or approvers will process these proofs and calculate tax accordingly.