Viewing FBP

Flexible benefit plan (FBP) is a flexible component of salary which can be planned on a monthly or yearly basis. This function can be carried out only if the organization has a policy for such planning. Based on the permissions given to you, you can plan FBP on behalf of employees.

As an HR, you should be able to view changes in employee’s income tax liability and deductions by taking into consideration the changes in FBP planning.

To calculate FBP:

1. On the HR menu, under Compensation details, click FBP.

The FBP page appears.

2. In the Employee Search text box, enter the employee name/employee ID or press SPACEBAR (on the keyboard) once to retrieve the list of employee and then select the employee from the list.

3. If the employee is a resigned employee, select the Resigned employee only check box.

4. Click Go.

• To change the lock status of an employee, click Lock.

A confirmation message appears.

• Click OK to unlock the status of an employee or else click Cancel.

5. To view the FBP for the previous year, select the Previous year option button. The previous year details will be displayed of that particular employee.

6. Select the Current year option button to view the FBP for the current year.

7. To view the FBP for the previous year, select the Previous year option button.

The employee’s revision for the financial year, fixed components, flexible components and components not included in the CTC appear.

8. In the Select plan drop-down box, select the plan for which you want to plan the flexible components for the employee.

The fixed components, flexible components and components not included in the CTC are modified according to the plan and displayed in grids.

9. In the Flexible components grid, on the Monthly and Yearly column corresponding to the flexible component, enter the amount to modify the component plan.

The details will be displayed in the grid for the income tax calculations under Income Tax Summary for the Year.

This grid will display the current tax liability as well as the expected tax liability post of FBP.

• Once an employee has updated his FBP and saved it, the same should flow to the IT calculator below based on which the total tax, balance tax and expected income tax for the month will be calculated.

1. ‘Current Tax Liability’ shows Income Tax Liability of Previous Payroll.

2. ‘Revised Tax Liability’ shows Income Tax Liability based on FBP Declaration done on Current Month (Increase / Decrease in Tax will be shown in Revised Tax Liability once employee click on “Save/Calculate” after making Changes in Flexible Component e.g. Food Coupon Earning).

3. ‘Last Saved Date’ shows the last updation done in Income Tax Declaration Section.

4. Click icon to view income tax details.

The Income Tax Details window appears with the following details.

• Click Close to close the window.

5. To download the draft for future reference, click icon.

Downloaded PDF should contain the date and time when the latest calculations were saved. It should auto update in FBP page.

• ‘Current Tax Liability’ columns should fetch the data as per the CTC of the employee for the first month of the financial year.

• Total tax, balance tax and expected tax deduction for the month will vary under ‘Revised Tax Liability’ column.

• Expected tax deduction for the month should depend on balance tax.

• Balance tax should depend on Total tax and tax deducted.

• Tax deducted is the YTD tax deduction.

• Total tax should vary depending on the changes made by the user in FBP and IT declaration.

Note 1:  Any addition/deletion to the employee’s salary should impact the FBP and tax calculator as well and special allowance option should vary accordingly.

Note 2:  In ‘Revised Tax Liability’ column Total Tax, tax deducted and Balance Tax should be the same as current tax liability till changes are made by the user in FBP/ IT declaration.

Note 3:  Expected tax deduction for the month should be Balance Tax/balance no of months as balance tax is the projections till March.

Note 4:  The difference between the current tax liability and the revised tax liability in the expected tax deduction for the month fields is: (Expected tax deduction for the month under current tax liability - Expected tax deduction for the month under revised tax liability).

Note 5:   A disclaimer to be available at the top to advise the employees that final submits will happen in the FBP page which will be considered for payroll processing.

Note 6:  Only current financial year should be visible. HR should not have an option to view/calculate the previous financial year’s data. Hence financial year should be read only.

10. Click Save/Calculate to get the latest tax calculations or click Cancel to exit without saving.

The FBP plan of the user will get saved and calculate the tax liability as well.

Note 1:             Once you select the plan, the CTC and FBP fields in the Proportionate for the financial year grid is refreshed and modified according to the new plan.

Note 2:             Based on the component planning type, monthly/yearly fields are enabled for each component. For example: If LTA is a yearly planning component, then the fields under yearly column are enabled against LTA in order to plan.

Note 3:             To exit without making changes to the FBP, click Cancel.

Click to know more:

View Bank Details

View Income Tax Declaration

View IT Statement

View Payslips

Add and Update Provident Fund Details

Viewing Reimbursement Slip

Viewing Statutory Details

Add and Edit Salary

Year End Proof Submission

View YTD Statement

Viewing Validator1