Why is it important to recalculate tax after admin changes tax regime?

Recalculating tax is the process of reassessing or adjusting the amount of tax owed or payable by an individual or entity. The admin must recalculate the tax to incorporate the changes and calculate tax as per the newly selected regime.

To re-calculate the income tax, the admin must perform the following actions:

1. From the greytHR Admin login, navigate to Payroll > Payroll Inputs > Income Tax. The Income Tax page opens.
2. In the select an employee search box, search for the employee for whom you want to recalculate Income Tax.
3. Click Recalculate to recalculate Income Tax. 

Note: Admin can recalculate tax for resigned employees by following the same process.

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Related Links:

Video- To watch a video on Budget changes for FY 2023-24, click here.

FAQs: To read more about Budget changes for FY 2023-24, click here.

Documentation:

• To learn more about the recent Budget changes for FY 2023-24, click here.
  
• To learn more about the Tax Slabs of budget changes, click here.

Product Update- To read about the product update, click here.