How to Declare FBP for Tax Savings: A Step-by-Step Guide

How to declare FBP

FLEXIBLE BENEFIT PLAN

How to declare FBP

Step-by-step walkthrough for employees to declare Flexible Benefit Plan components during the declaration window.

How-to
👥 WHO USES THIS
â–¸Employees declaring tax-saving benefits
â–¸HR guiding FBP participants
â–¸Payroll admins supporting declarations
✨ WHAT YOU'LL ACHIEVE
â–¸Complete FBP declaration in minutes
â–¸Optimize take-home pay legally
â–¸Submit required proofs correctly

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: FBP Declaration

Fig: Update- FBP Declaration



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