Overview
The Optima asset card is a digital, simplified, and paperless solution that allows you easily and quickly process your asset or gadget purchase claims. Employees can pay, upload, manage and review the asset claims against the Asset Card using the Zeta App interface. The interface delivers a great deal of flexibility in overall asset purchase claim process that adapts to your organisation's policy. The program automates the time-consuming, manual, and traditional asset reimbursement process such as verifying, storing, submitting bills and invoices to process the claims.
Employee can view and use the Asset Card on their Zeta Mobile App, which is available for Android, iOS and Windows phones. They can also use the Zeta web console for gadget purchases.
The purchased gadget has to be in the employee’s name. Contact your HR for approved asset or gadget list and affiliated merchant outlets (for both offline and online).
Install the Zeta app on your smartphone from app store. To download and configure Zeta app, see Setting up an Employee Account.
Useful Facts
Employees receive asset claims from employers when they submit billing proof towards asset purchase for office use only.
Ensure that bill is issued in your name, and the address mentioned as your organization location. This is mandatory to avail tax benefits.
Zeta recommends you to furnish KYC information using the Zeta app to upgrade your card limit and to avoid rejection of higher amount transaction as set by RBI while using the Optima prepaid card.
Per IT act, you can avail full income tax benefit on the purchase of electronic gadgets such as laptops and computers. Other movable gadget claims are taxable perquisites and you pay a tax of 10% of original cost of the asset.
- Any unclaimed amount in a fiscal year would be treated as a taxable income and you'll receive the leftover amount at the end of the financial year. Contact your HR for more details.
- If your asset bill exceeds the monthly limit (as per company rules), you will receive the exceeded claimed amount in the following or next months.
- You can pay for your asset purchase using the Zeta app or Zeta super card.
- You can make use of your cash card money if purchase amount is exceeding the asset card funds. In this case, you can claim tax benefits on approved asset card funds only.
You must upload supporting billing evidences and invoices against asset purchase claims in the Zeta App interface to avail tax benefits as per company and IT guidelines.
Here is an important update, all your reimbursement instruments get closed after every financial year end and the following settlements are done for any outstanding balance in your cards and the amount stuck in your holding account:
- Any remaining amount can either be transferred in full to your Cash Card and appropriate tax deductions can be made while processing payroll or the remaining amount could be recalled and credited as part of your payroll, after making appropriate deductions, as per your company's policy.
- Any claim uploaded and approved but the amount not reimbursed into the cash card due to non-compliance with the KYC or PPI limit is paid to you as a part of your monthly salary with no tax deductions.
Before You Begin
Ensure the following:
You’ve received an Optima asset card from your HR. Note that your email ID must be verified to receive the asset credits if prepaid card is issued on your email ID.
You’ve appropriate balance in your asset card or cash card to initiate payment through Zeta platform and to avoid transaction declined error.
How Asset Card Flow Works?
The Zeta Asset card provides a simple workflow to claim your non-taxable electronic gadget purchase expenses. All you need to do is:
Receive a Zeta asset card from your HR
Pay your asset expenses to merchants (offline or online) using the Zeta app and Zeta Super Card
Upload the valid and legible bill of your purchase
Your claim would be processed in one to three business days after successful verification.
For a quick walk through, navigate to Cards > Asset Card. Tap the Asset Card, and then click User Guide. This opens up a quick reference guide or FAQs explaining the asset reimbursement facts.
Using the Zeta Asset Interface
The Optima digital asset card provides an intuitive interface that simplifies asset purchase claim process. It allows employees to manage asset expenses digitally. Using the Zeta app you can buy approved assets from various e-commerce portals, upload bills and invoices for approval, analyze the approved, declined or in review claims, and so on.
Do safeguard your asset bills and invoices for warranty or future auditing. Contact your HR for more details.
Under the Cards tab, your active asset card appears as shown below:
Using the Optima asset interface, you can perform the following tasks: