The Zeta Asset Card is a digital tax benefit card designed to help corporates to manage the movable assets purchase program for employees. Employers can issue asset cards to employees to disburse and approve various asset related allowances electronically as per company policy while adhering to the IT taxation rules.The entire program is flexible and customised to suit your corporate policy and also enables employees to increase their take-home salary, thus minimising their overall tax burden.
The recommended or allowed asset types are electronic gadgets such as laptops, tablets, and smartphones for office use only.
In an organization scenario, HR would need to create an asset card program and then load currency into the employee’s asset card using Zeta Optima platform every month. You may also set or define a range of gadgets to choose from as well as merchants or e-commerce portals to buy from. An employee can redeem asset cards against gadget purchases and then upload the bill evidences using the Zeta app to avail income tax benefits as per IT guidelines.
Potential Challenges Zeta Addresses
Some challenges that we are trying to overcome are:
Cumbersome and manual asset purchase claim process
No visibility and transparency in asset purchases
No tool to analyse the asset card usage
Lack of cloud storage for housekeeping the bills digitally
High probability of losing the asset bills in case of physical storage
Manual verification, audit, approval and delay in payment settlement
An array of features of Optima asset platform are:
Provides web interface for HR professionals to access corporate benefit platform
Provides web interface and mobile app interface for employees which is available in android, iOS and windows versions.
Enables HR to create and manage asset card orders with the provision of using custom configurations.
Provision of revoking unused asset card amount
View and analyze every transaction data and invoices. For example, viewing all asset debit and reversal transactions
Enables employees to upload the asset purchase claim for reimbursements
Asset card is valid for a fiscal year unless otherwise specified by the organization.
The Optima Asset Card delivers the following benefits:
Streamlines the overall reimbursement process digitally.
Provides provision for digitally verified and signed bills for approval.
Provides a flexible option for customisation.
Provides an effortless way of managing employees' accounts digitally.
Provides premium customer support.
Mitigates human errors.
Eliminates logistic cost.
Provides both online and offline payment option.
Provides the option of paying by any denomination.
Eliminates the need for manual bill submission and last-minute hassle of collecting bills.
Eliminates the process of storing and procuring bills.
Provides a secure and effortless way to use and redeem asset card's balance to save tax.