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Overview
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Optima Books &
PeriodicalsPeriodicals Card is a
completecompletely paperless
solution for corporate Books & Periodicals reimbursements.An employee can redeem the balance of the card against books & periodicals expense to save income tax. The solution is completely customizable to suit your company policies. Optima Books & Periodicals is a digital card designed to help organisations to get tax exemption on books & periodicals expense. This benefit is extended by the employer to employees for purchasing newspapers, magazine, books and periodicals which are related to the profession of the employee.and digital solution designed to help organisations provide payroll benefits to employees against books and periodicals purchases. Organisations can determine monthly or fiscal limits for their employees.
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Zeta doesn’t own any tax accounting responsibility on corporate conveyance allowances. It is recommended to organizations to adhere to the IT guidelines to deal with both conveyance allowance and reimbursement of driver salary expenses. |
Useful Facts
A few facts to remember:
Any unclaimed amount in Books & Periodicals card in a fiscal year would be treated as a taxable component. In this case, you receive the amount after the tax deduction.
By default, Books & Periodicals vouchers are valid for 3 years. It can be customised as per organisation's policy.
An employee can redeem the card balance against Books & Periodicals expense to save income tax.
Potential Challenges Zeta Addresses
Some challenges that we are trying to overcome are:
- Housekeeping the manual
- bills manually and high probability of losing the bills
- Manual verification, approval ,
- and delay in payment settlement
- Tiresome and manual entries to initiate claims
- Loads of paperwork, printing , and submission of bills
- Overall cumbersome claim process
Key Features
Arrays of the feature of Books & Periodicals Card areCard features are:
Provides web interface for HR professionals and mobile app interface interfaces for employees which is are available in android, iOS and windows versions.
Enables HR to create and manage books & periodicals card orders with a provision of using custom configurations.
Enables employers to revoke unused amount of the card.
Enables employees to upload bills for reimbursements.
- Enables employees to view and analyse every transaction data and invoices.
Key Benefits
Book Books & Periodicals card delivers the following benefits:-
For employers:
- Streamlines the overall reimbursement process digitally .
- Provides a flexible option for customisation.
- Provides provision for digitally verified and signed bills for approval.
- Provides an effortless way of managing employees' accounts digitally .
- Mitigates human errors.
- Eliminates logistic cost.
- Provides premium customer support.
For employees:
- Provides both online and offline payment option .
- Provides an 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 books Books & periodicals cardPeriodicals Card's balance to save tax.
- Provides premium customer support.
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