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 © Tally Solutions Pvt. Ltd. All Rights Reserved Tally.ERP 9 Seri es A Rele ase 3.0 Income Tax

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  • 5/18/2018 733 Income Tax

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    Tally Solutions Pvt. Ltd. All Rights Reserved

    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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    15/20 Tally Solutions Pvt. Ltd. All Rights Reserved 15

    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

    (((/tallysolutions/com

    http://www.tallysolutions.com/http://www.tallysolutions.com/

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