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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

(((/tallysolutions/com