How to declare FBP
How to declare FBP
Step-by-step walkthrough for employees to declare Flexible Benefit Plan components during the declaration window.
As an employee navigate to My Finance → My Declarations → FBP Declarations.
My Finance → My Declaration → FBP Declaration
Click the Update button on the right-hand side to modify your FBP declaration.
If the declaration is not locked, you can update it at any time.
All FBP components configured by the organization will be displayed along with the maximum limit for each component.
Select the checkbox next to the component name and enter the monthly amount as per your requirement.
You cannot declare more than the maximum limit defined by the organization.
Any undeclared balance from your allocation will automatically be moved to Special/Fixed Allowance (formula-based allowances).
You can view the adjusted amount at the top of the FBP declaration screen.
Total Allocated: The total amount assigned to you for FBP components, within organizational limits.
Availed FBP Amount: The monthly amount you have allocated to FBP components. Bills/claims must be submitted for tax exemption; otherwise, this amount will be treated as taxable income at the end of the fiscal year.
Balance Amount: The remaining undeclared or unused portion of the allocation, which will be treated as taxable income.
Click the Save button to update your declaration. The revised amount will be reflected in your salary details.
Fig: Update- FBP Declaration
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