733 Income Tax
description
Transcript of 733 Income Tax
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Tally.ERP 9 Series A Release 3.0
Income Tax
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Agenda
Enabling Income Tax
Configuring Employee Masters
Creating/Altering IT Pay Head
Income Tax Master Configuration
Income Tax Reports
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Enabling Income Tax
ate!ay of Tally " #$$% #eatures " &tatutory '
TaxationEnable Payroll&tatutory '
&pecify (etails
Pro)ideIncome Tax
(etails
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Income Tax Computation
T*e approximate Income Tax Computation can be)ie!ed immediately after enabling t*e Payroll
&tatutory #eature+ !it*out any furt*er configurations,
ate!ay of Tally " (isplay " Payroll Reports " &tatutory Reports" Income Tax " Computation
Tally,ERP - Identifies+All earning components are considered as fully taxableP# and PT are considered for (eduction
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Configuring Employee Masters
ate!ay of Tally " Payroll Info, " Employees "Alter
Income Tax slab !ill beapplied based on ender '
(ate of .irt* &eniorCiti0en1
Income Tax rate gets
selected based on PA2a)ailability ' non
a)ailability
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Create TDS Pay Heads
ate!ay of Tally " Payroll Info, " Pay Heads "Create/Alter
Create/Alter Salary Details for all Employees for effect T(& (eduction,
Note: If TDS Pay Head already exists, you have to alter the same as shown.
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Income Tax Master Configuration
Pay Head Configuration
(eclarations
3)erride Exemption 4alue
3)erride Tax 4alue
Tax Configuration
Pre)ious Employer (etails
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Pay Head Configuration
ate!ay of Tally " Payroll Info " Income Tax (etails" Pay Head Configuration.y default all pay *eads are
grouped under OtherEarnings/ Allowances(Fully
Taxable)
&elect t*e Pay *ead andpress enter to group t*eIncome Tax Components
respecti)ely
T(& gets computedbased on Pro5ected or 3n
Actuals !*ic*e)er isselected
6*en met*od of calculation isOn Projection t*en (educt
T(& by default !ill be set 7es
6*en met*od of calculation isselected as On Actuals t*en
Deuct TDS across !erio canbe manually set to "es or #o
Pay Head Configurationis Completed
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Declarations
Exemptions 8/s $9o Rent and Place of Accommodation
o C*ildren Education Allo!ance
o
C*ildren Hostel Expenditure Allo!anceo Con)eyance Allo!ance
o :ea)e Tra)el Allo!ance
(eductions 8nder C*apter 4IAo In)estments 8/s ;9C and ;9CC#1
o 3t*ers 8/s ;9(+ ;9((+ ;9E etc,1
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Declaration of Exemptions Us !"
ate!ay of Tally " Payroll Info, " Income Tax(etails " (eclarations
Press Enter *ere+ todeclare Rent details
and Place of
Accommodation re
&pecify t*e Rent details+ details of Actual rentPaid and Accommodation
Note: Actual rent Paid can e entered later also
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Deductions under C#apter $I%A
ate!ay of Tally " Payroll Info, " Income Tax(etails " (eclarations
Press Alt
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&'erride Income Tax
o to ate!ay of Tally " Payroll Info, " Income Tax(etails
If t*e employer !ants too)erride t*e earningsIncome1 or Exemption )alueor e)en Tax )alue of t*eemployee it can be done from
t*e 3)erride options
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Tax Configuration
ross &alary
Allo!ance to t*e extent exempt 8/s $9
(eduction 8/s $=
3t*er Income reported by Employee
(eductions under C*apter 4I>A
Relief
Tax (eduction (etails
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Allo(ance to t#e extent exempted Us !"
ate!ay of Tally " Payroll Info, " Income Tax(etails " Tax Configuration
Press Enter on t#e
re)uired Component
Press Enter to specifyt*e (eclaration
Press Enter *ere toConfigure t*e Pay
Heads
&pecify t*e re?uired details and sa)e
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Pre'ious Employer Details
ate!ay of Tally " Payroll Info, " Income Tax(etails
Pre)ious EmployerIncome/Exemption and Tax
(eduction (etails can be pro)idedfrom t*e abo)e masters
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Processing Payroll
ate!ay of Tally " Payroll 4ouc*ers
Press Alt$AforPayroll Auto #ill
Income Taxamount (educted
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Income Tax Payment
ate!ay of Tally " Accounting 4ouc*ers " #@
Press Alt*A for Payroll
Auto +ill
Specify t#e details for
C#allan printing
Press Enterto accept, Press Page
8p and follo!ed by Alt$P
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Payroll Income Tax ,eports
Computation
&alary Pro5ection
Returns
o #orm $=o #orm $.A
o ITR $
C*allan Reconciliation
Exception Reportso PA2 2ot A)ailable
o 3t*er Records
o T(& 4ariance
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Payroll ,eports
ate!ay of Tally " (isplay " Payroll Reports "&tatutory Reports " Income Tax
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Income Tax
T#an- .ou
+or more information 'isit
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