Viewing Flexible Benefit Plan (FBP) Details

A Flexible Benefit Plan (FBP) allows you to plan your benefits package as per your specific needs. The FBP will thus be tailored to suit your requirements. The organization allocates a significant amount of your total compensation to this plan and allows you to select from a list of choices. The usual components of FBP include LTA, medical reimbursement, leave coupons and so on.

As a user, you should be able to view changes in your income tax liability and deductions by taking into consideration the changes in FBP planning. You can submit the same for payroll processing or replan for the month and resubmit.

Note: If you have the necessary permissions, the Plan Now option is visible to you on the FBP page and you can plan the benefits amount for the current year.

To view the FBP:

On the FBP page, do any of the following:

To view FBP for the previous year, click Previous Year.

To view FBP for the current year, click Current Year.

The FBP is displayed as per your selection.

The details displayed in various sections are:

FBP Details

Field	Description
Employee
Employee ID	Displays the unique ID assigned to you
Name	Displays your name
Date of joining	Displays your date of joining the organization
Band	Displays the band assigned to you in the organization
Proportionate for the financial year
CTC	Displays the total CTC amount, which is the sum of Proportionate Fixed total and Proportionate Flexible total
FBP	Displays the total amount allocated to Flexible Benefit Plan during the financial year
Revision for the financial year
Effective date	Displays the effective date of your salary revision
Total cost to company	Displays the revised total cost to company
FBP	Displays the revised amount under FBP
Fixed components
Basic	Displays the amount allocated as basic component
Monthly	Displays the monthly salary amount allocated as fixed component.
Yearly	Displays the yearly salary amount allocated as fixed component.
Proportionate	Displays the proportionate salary amount allocated as fixed component
YTD	Displays the year to date amount of the fixed component
LOP	Displays the proportionate amount to be considered under this component, in case of loss of pay
Balance	Displays the balance amount which is yet to be paid to you
Flexible components These are the components of your compensation that you can plan as per your specific needs. In case you have the necessary permission, you can plan the benefits yourself. If permission is not enabled for you, you can contact your HR representative to set up the plan as per your request.
Component name	Displays the name of the component
Monthly	Displays the monthly amount allocated to the component. Fields against planned components will be enabled under this column if the planning type is Monthly.
Yearly	Displays the yearly amount allocated to the component. Fields against planned components will be enabled under this column if the planning type is Yearly.
Proportionate	Displays the proportionate amount for the component for the year
YTD	Displays the year to date amount of the component
LOP	Displays the proportionate amount to be considered under this component, in case of loss of pay
Balance	Displays the balance amount which is yet to be paid to you

To enter FBP plan details for the current year:

On the FBP page, Select Plan and enter FBP component details.

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 changes.

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.

‘Current Tax Liability’ shows Income Tax Liability of Previous Payroll.
‘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).
‘Last Saved Date’ shows the last updation done in Income Tax Declaration Section.
Click icon to view income tax details.

The Income Tax Details window appears with the following details.

Click Close to close the window.

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.

User should submit the FBP. This will be considered for payroll processing post submission.

‘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. Employees should not have an option to view/calculate the previous financial year’s data. Hence financial year should be read only.

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.

Click to view formula and information on which Proportionate is calculated in FBP page:

Click to know more:

My Compensation

Viewing Bank Details

View and Declare Income Tax Returns

View IT Statement

View Payslips

View Provident Fund Details

Viewing Reimbursement Slip

Viewing Reimbursement Details

Viewing Cover Notes

Viewing Statutory Details

View Salary

Submit Year End Income Tax Proofs

View YTD Statement