Flexible Benefits
Declare and reimburse flexible benefits your organisation provides on RazorpayX Payroll.
Organisations provide
for employees to customise their CTC. Employees can declare the list of benefits and upload proofs to claim reimbursement. After declaration, a portion of your CTC is allocated every month. This becomes the employee's flexible benefit plan.Most flexible benefits are non-taxable, which employees can utilise to reduce tax liability.
Available Now!
Watch the video on to how to
.Ensure the Flexi-benefit plan (FBP) declaration window is open. Contact your HR/Manager to understand when the window is open.
To declare benefits:
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Log in to the
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Navigate to Reminders on the home page and click Declare now against FBP.
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On the Flexible benefit plan declaration page, click Edit Declaration.
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Select the check boxes for the components listed to choose the flexible benefits to declare.
Watch Out!
Components are available to you basis your chosen tax regime. To change your tax regime, contact your Manager/HR.
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Click Submit declaration. You can also click View how much tax you'll save to check your tax savings.
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Click Continue in the Save declarations pop-up modal.
You have succesfully saved your declarations.
You can edit the declared components until the window is open. You cannot declare/edit components after the window closes.
To upload flexible benefits proofs:
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Log in to the
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Navigate to Reminders on the home page and click Upload proofs against FBP.
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On the Flexible Benefits FY page, select the Flexible Benefit from the drop-down menu. Only those benefits you declared are available for proof upload.
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Enter the amount for reimbursing as part of FBP. For example, if you declared ₹2000 for Fuel Allowance, check your bills and enter the total amount spent on fuel bills.
Consider the above example where the amount declared is ₹2000. Your proof upload amount is ₹3000. Here, the proof amount is greater than the declared amount.
In such cases, your organisation may do the following two things:
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Pay only the approved amount for that month, that is ₹2000 only.
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Prorate the proof amount and pay only the undeclared amount from the FBP allocated for that month. The unpaid amount is adjusted in the upcoming month/s when the proof upload amount is less than the declared amount.
Suppose your fuel bills are less than the declared amount in the upcoming month. In that case, your organisation can adjust the unpaid FBP amount.
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Provide a description for the proof uploaded. This is optional.
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Click Choose a file in the Images or documents (maximum 5MB each) and add the proofs.
Watch Out!
- You cannot withdraw proofs once uploaded.
- You can only upload a single file in Images or documents (maximum 5MB each). If you upload a new file, the older file is overwritten.
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Click ADD REQUEST to submit proofs.
You have successfully submitted proofs for the flexible benefits you declared.
After you submit the proofs, you can view the FBP request in the Past Requests section. Click the #1 box to view the attachments added.
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