Tally Tutorial :Income Tax computation for employees

Tally.ERP 9 Series A Release 3.0 Income Tax

Agenda ,[object Object],[object Object],[object Object],[object Object],[object Object]

Enabling Income Tax ,[object Object],Enable Payroll Statutory & Specify Details Provide Income Tax Details

Income Tax Computation The approximate Income Tax Computation can be viewed immediately after enabling the Payroll Statutory Feature, without any further configurations. Gateway of Tally > Display > Payroll Reports > Statutory Reports > Income Tax > Computation ,[object Object],[object Object],[object Object]

Configuring Employee Masters ,[object Object],Income Tax slab will be applied based on Gender & Date of Birth (Senior Citizen) Income Tax rate gets selected based on PAN availability & non availability

Create TDS Pay Heads ,[object Object],Create/Alter Salary Details for all Employees for effect TDS Deduction. Note: If TDS Pay Head already exists, you have to alter the same as shown.

Income Tax Master Configuration ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Pay Head Configuration ,[object Object],By default all pay heads are grouped under Other Earnings/ Allowances(Fully Taxable) Select the Pay head and press enter to group the Income Tax Components respectively TDS gets computed based on Projected or On Actuals whichever is selected When method of calculation is On Projection then Deduct TDS by default will be set Yes When method of calculation is selected as On Actuals then Deduct TDS across period can be manually set to Yes or No Pay Head Configuration is Completed

Declarations ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Declaration of Exemptions U/s 10 ,[object Object],Press Enter here, to declare Rent details and Place of Accommodation re Specify the Rent details, details of Actual rent Paid and Accommodation Note: Actual rent Paid can be entered later also

Deductions under Chapter VI-A ,[object Object],[object Object],[object Object],Similarly, specify details for Other deductions

Override Income Tax ,[object Object],If the employer wants to override the earnings (Income) or Exemption value or even Tax value of the employee it can be done from the Override options

Tax Configuration ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Allowance to the extent exempted U/s 10 ,[object Object],Press Enter on the required Component Press Enter to specify the Declaration Press Enter here to Configure the Pay Heads Specify the required details and save

Previous Employer Details ,[object Object],Previous Employer Income/Exemption and Tax Deduction Details can be provided from the above masters

Processing Payroll ,[object Object],Press Alt+A for Payroll Auto Fill Income Tax amount Deducted

Income Tax Payment ,[object Object],Press Alt+A for Payroll Auto Fill Specify the details for Challan printing Press Enter to accept. Press Page Up and followed by Alt+P

Payroll Income Tax Reports ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Payroll Reports ,[object Object]

Income Tax ,[object Object],[object Object],[object Object]

Tally Tutorial :Income Tax computation for employees

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Tally Tutorial :Income Tax computation for employees