Financial Empowerment for Your Workforce.

Kredily’s employee finance system makes submitting investment declarations simple and intuitive for beginners, with a clean interface that guides you through tax scheme selection and proof submission. Follow these steps:

1. Log In: Access the Kredily portal or mobile app with your credentials and navigate to the Payroll > Declaration section.
2. Choose Tax Scheme: Review the recommended scheme based on your CTC (e.g., New Regime), select Old or New Tax Scheme, and confirm if needed (note: changing schemes may require HR approval).
3. Enter Details: Input investment details, such as insurance premiums, fixed deposits, or home loan interest, using the guided form.
4. Upload Proofs: Attach digital copies of receipts, certificates, or bank statements for verification.
5. Submit: Send the declaration to HR for approval, with options to copy from previous years for efficiency. The automated calculations and user-friendly dashboard ensure accuracy, saving time and reducing errors compared to manual processes, while features like CTC-based recommendations help optimize your tax savings in 2025's evolving tax environment.

• Centralized Dashboard: Kredily’s employee finance system features a one-stop view in the self-service portal for monitoring all declarations.
• Status Tracking: Employees can check if declarations are pending, approved, or rejected, including details on attached proofs.
• Real-Time Updates: Instant notifications keep users informed without needing HR involvement, enhancing independence.

Kredily’s employee finance system prioritizes data protection with enterprise-grade encryption, role-based access controls, and secure servers that safeguard sensitive information like investment proofs or bank statements. In 2025, as cyber threats intensify, the system guarantees data is not shared with third parties without explicit consent, while regular backups prevent loss and audit trails monitor actions for transparency. Compliance with regulations like GDPR is integrated, enabling employees to upload and manage financial details securely. This comprehensive security approach not only prevents breaches but also builds long-term trust, positioning Kredily as a reliable choice for employee finance protection.

• Automation Advantages: By automating tax declarations, Kredily’s employee finance system cuts down manual efforts, turning hours-long tasks into minutes.
• Streamlined Submissions: Online proof uploads and guided forms simplify the process, with quick calculations for accuracy.
• Practical Example: Spreadsheet-based declarations that take hours can be finished in under 10 minutes.

Monitoring Efficiency: The dashboard provides instant status checks, eliminating repeated HR inquiries. As financial demands evolve in 2025, this efficiency allows employees to prioritize strategic planning over routine administration.

Form 12BB is an investment declaration form that every salaried employee in India needs to submit to their employer to claim tax exemptions and deductions. The Central Board of Direct Taxes (CBDT) made it mandatory from 1st June 2016 to bring uniformity in how employees declare their tax-saving investments and expenses.

In this form, you declare details such as:

• House Rent Allowance (HRA): Rent receipts, landlord’s PAN (if annual rent > ₹1,00,000).
  
  
• Leave Travel Allowance (LTA): Travel tickets and related bills.
  
  
• Home Loan Interest: Lender details, interest certificate, PAN of lender.
  
  
• Deductions under Chapter VI-A: Investments in LIC, PPF, ELSS, NPS, tuition fees, medical insurance (80C, 80D, 80CCD, etc.).
  
  

Your employer uses Form 12BB to:

• Calculate TDS (Tax Deducted at Source) accurately each month.
  
  
• Avoid excess deduction or shortfall of tax during the financial year.
  
  
• Ensure compliance with Income Tax rules and smooth generation of Form 16 at year-end.

Under the new tax regime (introduced in FY 2020–21), most exemptions and deductions such as HRA, LTA, 80C, 80D, 80CCD(1B), and home loan interest are not available. Since these benefits cannot be claimed, employees are generally not required to submit investment or expense proofs to their employer if they opt for the new regime.

Key points to know:

• Old regime: Proofs are mandatory to claim deductions/exemptions. Employers verify them before finalizing TDS.
  
  
• New regime: Only a very limited set of deductions are allowed (such as employer’s contribution to NPS u/s 80CCD(2), standard deduction from salary, and certain allowances). For these, employees usually don’t need to submit extensive proofs, as the employer already has the required records.
  
  
• Employers may still ask you to declare your regime choice (old or new) at the start of the financial year to calculate TDS correctly.

Yes, you can revise your investment declaration in the middle of the financial year if there are changes in your plans or expenses. However, the updated declaration will only take effect once it is reviewed and approved by your HR or payroll team. After approval, your TDS is adjusted in the coming months to match the revised declaration.

Most companies keep specific time windows open for revisions, so it’s always best to inform your HR in advance and ensure your updates are approved before the final tax proofs are submitted.

The deadline to submit investment proofs is usually set by your employer between January and March, before the payroll for the financial year is closed. This timeline allows the HR and payroll teams to verify all documents, make necessary adjustments to TDS (Tax Deducted at Source), and ensure accurate tax filing.

While the Income Tax Department does not prescribe a fixed date, each company decides its own cut-off, often in January or February, so there’s enough time to process documents.

If you miss the employer’s deadline:

• Higher TDS may be deducted from your salary.
  
  
• You can still claim eligible deductions later while filing your Income Tax Return (ITR), but you won’t enjoy reduced TDS during the year.

Yes. Most modern Employee Finance systems provide a self-service portal where employees can easily submit and track their reimbursements online. Instead of emailing bills or waiting for manual approvals, employees can:

• Upload expense proofs (travel tickets, fuel bills, medical bills, meal invoices, etc.) directly into the portal.
  
  
• View real-time status of each claim — whether it is submitted, under review, approved, or reimbursed.
  
  
• Receive instant notifications once HR or managers approve the claim.
  
  
• Check payout details to see if the amount has been added to their salary or processed separately.
  
  

This online process eliminates the need for chasing HR or finance teams, reduces paperwork, and ensures faster settlements with complete transparency. It also helps employers maintain proper records for audit and compliance.

 In short, online reimbursement tracking makes the process hassle-free, transparent, and time-saving for both employees and organizations.

No, employees cannot access their finance records in Kredily once they leave the organization, as their login and portal access are deactivated after the exit. However, HR and authorized admins retain complete access to all past employee records, including payslips, tax documents, and reimbursement details.

This ensures compliance, proper record-keeping, and easy retrieval whenever needed. If a former employee requires documents like Form 16, final settlement details, or previous payslips, they can simply raise a request with the HR team, who can securely download and share them from Kredily.

Yes, Kredily automatically sends timely notifications and reminders to employees for any pending submissions, including investment declarations, proof uploads, or reimbursement requests. These reminders help employees stay on track with deadlines, reduce manual follow-ups from HR, and ensure that TDS and payroll calculations remain accurate throughout the financial year.

Yes, Kredily supports multi-level approvals for all finance-related submissions, such as investment declarations, reimbursements, and salary advances. Key benefits include:

• Sequential approval: Multiple managers or HR personnel can review and approve requests in order, ensuring no step is missed.
  
  
• Audit trail and transparency: Every action is recorded, allowing HR to track submissions and approvals efficiently.
  
  

Error reduction: Multi-level review minimizes mistakes and ensures compliance with company policies.

Kredily ensures organizations remain fully compliant with current income tax rules by:

• Automating TDS calculations based on employee declarations and payroll.
  
  
• Validating investment proofs and maintaining accurate records for deductions and exemptions.
  
  
• Generating Form 16 and other statutory documents correctly at year-end.
  By centralizing all employee finance activities, Kredily reduces the risk of penalties, simplifies audits, and makes the entire tax filing process seamless for both employees and HR teams.