The Tax Sheet is a report (in PDF) which presents the tax working of an employee for a financial year. Employees can download their tax sheet at any point in time to check their annual tax liability. It may be noted that an employee's annual tax liability is dependent on the employee's earned salary and investment declaration. Whenever the salary or the investment declaration undergoes a change, the tax liability of the employee shall correspondingly change.
How to Generate Tax Sheet?
You can generate your tax sheet in 2 places.
1. From a specific investment declaration
Whenever you submit an investment declaration in HRWorks, you can download the Tax Sheet corresponding to the investment declaration. The Tax Sheet in such a case would be generated on the basis of your latest salary structure and the investment declaration for which you are generating the Tax Sheet.
Select the investment declaration for which you wish to generate the tax sheet.
Scroll down to the bottom of the investment declaration page and click the "Generate Tax Sheet" button to open the Tax Sheet.
2. From the Tax Sheet left menu
Please click the Tax Sheet left menu to download your Tax Sheet. Please note that the Tax Sheet you download here is based on your latest investment declaration and pay details.
If the tax sheet is password protected, you have to enter the password when you open the PDF tax sheet. Click here to know about the password for opening the tax sheet.
How to Read the Tax Sheet?
The tax sheet appears in a PDF file as follows.
The field (No. 1) Gross Salary presents your total gross salary, inclusive of perquisites for the year.
Please check if the investment declaration information you entered are appearing in the Tax Sheet.
The field Total Income (No. 12) presents your total taxable income for the year. This is the figure on which the tax rate is applied to calculate your total tax, surcharge (if any) and education cess. The annual tax payable amount is presented in the field Tax Payable (No. 17) in the figure below.
All the figures presented in the report are as of the date and time of report generation. The Gross Salary figure in the report is the total of the salary you have received till the time of report generation and the salary (for the period after report generation) that you would be receiving till the end of the tax year. If your salary undergoes a change in future before the end of the year or if you resubmit your tax related declarations with changes or if tax rules undergo a change, the annual tax figure may change.
The figures under "Deductions under Chapter VIA" (No. 10 in the figure above) present the details -- such as insurance premium payments, under sections such as 80 C -- of your latest approved tax related declaration. If any of the figures in your last approved tax related declaration is not found here, please contact us by sending an email to support@hinote.in.