The Zeta Asset Card is a digital tax benefit card designed to help corporates to manage the movable assets purchase program for employees. Corporates can issue asset cards to employees to disburse and approve various asset related allowances electronically as per company policy and as defined in the IT taxation rules. The recommended or allowed asset types are electronic gadgets such as laptops, tablets, and smartphones for office use only.The entire program is flexible and customized to suit your corporate policy and also enables employees to increase their take-home salary, thus minimizing their overall tax burden.
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
Key Features
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 fuel card orders with 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.
Key Benefits
For Employer
For Employee
Paperless Process to collect and store bill.
Easy to upload bill and submit claim. All these can be done online using Zeta App interface.
Bills can be digitally verified and signed.
Zero Paperwork; no storing, and manual submission of bills
Process claim, and track Individual and Group statements online.
Ease of Usage; purchase online or in case of
No logistics is required as all the procedures can be done online.It helps to save cost.
Track Claims, access and download claim statements online.
Dashboard can be customizable as per your requirements, so as an admin or HR you can have control over it.
No Last Minute hassle to collect bills and submit bills.