The IFHRMS is an online system that helps manage the financial and human resources of different government departments. One of the features of the IFHRMS is the ability to generate an annual income statement.
An income statement, a profit and loss statement, is a financial document showing a company’s revenues, expenses, and profits over a given period. In the case of the IFHRMS portal, the annual income statement provides a detailed summary of an employee’s income and deductions for a financial year.
To generate an annual income statement on the IFHRMS, employees must log in using their login ID and password. Once logged in, employees can access their personal information and view their annual income statement by selecting the “Annual Income Statement” option from the menu.
IFHRMS annual income statement
The annual income statement on the IFHRMS portal is divided into several sections, including:
- Personal Information: This section includes the employee’s name, employee code, department, designation, and other personal details.
- Income Details: This section shows the employee’s gross salary, including basic pay, dearness allowance, house rent allowance, and other allowances.
- Deductions: This section includes the various deductions from the employee’s salary, such as provident fund, income tax, professional tax, and other deductions.
- Net Salary: This section shows the employee’s net salary, which is the amount they receive after all deductions have been made.
- Other Income: This section includes any additional income the employee may have received during the financial year, such as interest or rental income.
- Total Income: This section shows the employee’s total income for the financial year, which includes their gross salary and any other income.
- Tax Details: This section includes the employee’s tax liabilities, including the tax deducted at source and the tax payable or refundable.
The annual income statement on the IFHRMS portal is essential for employees as it provides a comprehensive summary of their income and deductions for the financial year. This statement is also helpful for tax purposes, providing the necessary information for filing income tax returns.
IFHRMS annual statement download
In addition to the annual income statement, the IFHRMS portal provides employees access to other financial information, such as their monthly pay slips, leave balances, etc. The portal also enables employees to apply for leave, view their service history, and perform other tasks related to their employment.
The IFHRMS portal has revolutionized how financial and human resource management is carried out in Tamil Nadu. The portal has made it easier for employees to access their personal and financial information and has streamlined various processes, reducing administrative overheads and improving efficiency.
In conclusion, the annual income statement on the IFHRMS portal is an essential document for employees of the Tamil Nadu Government. It provides a detailed summary of an employee’s income and deductions for the financial year and is a valuable tool for tax purposes. The IFHRMS portal has made it easier for employees to manage their finances and perform various tasks related to their employment. It is a significant step towards modernizing government operations in Tamil Nadu.
IFHRMS is an online blog dedicated to providing educational information. Blog articles are written by a team of skilled writers.