The Income Tax section in the admin portal allows you to efficiently manage income tax calculations and deductions for your employees. This section provides a centralized platform to set up tax rules, calculate tax amounts, generate tax reports, and ensure compliance with tax regulations.

1. Accessing the Manage Income Tax Section

To access the Manage Income Tax section in the OpenScope ERP SAAS admin portal, follow these steps:

• Open your web browser and enter the URL: https://dev.openscope.in/admin/hr_payroll/income_taxs_manage
• Log in to your admin account using your credentials.
• Once logged in, you will be directed to the Manage Income Tax section automatically.

2. Setting Up Income Tax Rules

In the Manage Income Tax section, you can set up income tax rules and configurations based on the tax laws and regulations applicable to your organization. Some common actions you may perform include:

Tax Rate Slabs: Define tax rate slabs based on income levels, allowing you to calculate income tax amounts based on progressive tax rates.

Tax Exemptions and Deductions: Configure exemptions and deductions that employees are eligible for, such as allowances, medical expenses, or any other tax-deductible components.

Tax Year and Period: Set up the tax year and period, ensuring that the income tax calculations align with the correct time frame and tax regulations.

3. Income Tax Calculations and Deductions

The Manage Income Tax section allows you to accurately calculate income tax amounts for your employees. Some common actions you may perform include:

Employee Tax Calculations: Utilize the income tax calculation functionality to determine the income tax liability for each employee based on their salary, allowances, deductions, and applicable tax rates.

Tax Withholding: Automatically deduct income tax amounts from employee salaries based on the calculated tax liability, ensuring compliance with tax regulations.

Tax Exemption Management: Monitor and manage tax exemptions and deductions for employees, ensuring accurate tax calculations and reflecting any changes in their tax status.

4. Income Tax Reports and Compliance

The Manage Income Tax section provides access to various reports and compliance-related features. Some common actions you may perform include:

Tax Reports: Generate income tax reports, including employee tax statements, tax liability summaries, and any other tax-related reports required for compliance or internal analysis.

Tax Compliance: Ensure compliance with tax regulations by staying up-to-date with tax law changes, updating tax rules accordingly, and generating accurate tax-related documents.

5. Saving and Applying Changes

After configuring tax rules, setting up tax slabs, or making adjustments to employee tax calculations, remember to save the changes to reflect them in the system. Look for the “Save” or “Apply” button at the bottom or top of the Manage Income Tax page to save your changes.