Income Tax

Folklore Payroll offers a complete Income Tax module that eliminates all manual effort on your part. You only have the task of filling and submitting the tax challans.

• Specify monthly components, one-time payments, income from previous employer, and other incomes.
• Complete flexibility to define the treatment of tax on various components including treatment on reimbursements like LTA, Medical, etc.
• Automatically projects for the rest of the year and recalculates income tax payable every time the Payroll is processed. No need to do a separate processing for Income Tax as it happens automatically along with Payroll processing.
• Folklore Payroll computes perquisites, exemptions, deductions under Chapter 6A, etc. apart from the income tax.
• Provision to pro-rate the taxes for new-joinees, calculate one time tax on one time income
• Provision to email or print detailed Income Tax calculation sheets to employees.
• All Income Tax related reports available
  • Monthly Tax statement
  • Form 16
  • Form 16 A
  • Form 16 AA
  • Form 24Q
  • Form 24.
• Effortlessly generate digitally signed form 16 PDF documents for all employees using your eToken or any other digital certificate you may have.