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Tally.ERP 9 Series A Release 3.0 Income Tax

Tally.ERP 9 Series A Release 3.0 Income Tax. Agenda. Enabling Income Tax Configuring Employee Masters Creating/Altering IT Pay Head Income Tax Master Configuration Income Tax Reports. Enabling Income Tax. Gateway of Tally > F11: Features > Statutory & Taxation .

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Tally.ERP 9 Series A Release 3.0 Income Tax

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  1. Tally.ERP 9 Series A Release 3.0Income Tax

  2. Agenda • Enabling Income Tax • Configuring Employee Masters • Creating/Altering IT Pay Head • Income Tax Master Configuration • Income Tax Reports

  3. Enabling Income Tax • Gateway of Tally > F11: Features > Statutory & Taxation Provide Income Tax Details Enable Payroll Statutory & Specify Details

  4. Income Tax Computation • Tally.ERP 9 Identifies, • All earning components are considered as fully taxable • PF and PT are considered for Deduction 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

  5. Configuring Employee Masters • Gateway of Tally > Payroll Info. > Employees > Alter Income Tax rate gets selected based on PAN availability & non availability Income Tax slab will be applied based on Gender & Date of Birth (Senior Citizen)

  6. Create TDS Pay Heads • Gateway of Tally > Payroll Info. > Pay Heads > Create/Alter 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.

  7. Income Tax Master Configuration • Pay Head Configuration • Declarations • Override Exemption Value • Override Tax Value • Tax Configuration • Previous Employer Details

  8. Pay Head Configuration • Gateway of Tally > Payroll Info > Income Tax Details > Pay Head Configuration Pay Head Configuration is Completed By default all pay heads are grouped under Other Earnings/ Allowances(Fully Taxable) When method of calculation is selected as On Actuals then Deduct TDS across period can be manually set to Yes or No 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 Select the Pay head and press enter to group the Income Tax Components respectively

  9. Declarations • Exemptions U/s 10 • Rent and Place of Accommodation • Children Education Allowance • Children Hostel Expenditure Allowance • Conveyance Allowance • Leave Travel Allowance • Deductions Under Chapter VIA • Investments (U/s 80C and 80CCF) • Others (U/s 80D, 80DD, 80E etc.)

  10. Declaration of Exemptions U/s 10 • Gateway of Tally > Payroll Info. > Income Tax Details > Declarations 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

  11. Press Alt+I for Multi Employee Single Component declaration • Press Alt+N for Single Employee Multi Component declaration Deductions under Chapter VI-A • Gateway of Tally > Payroll Info. > Income Tax Details > Declarations Similarly, specify details for Other deductions

  12. Override Income Tax • Go to Gateway of Tally > Payroll Info. > Income Tax Details 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

  13. Tax Configuration • Gross Salary • Allowance to the extent exempt U/s 10 • Deduction U/s 16 • Other Income reported by Employee • Deductions under Chapter VI-A • Relief • Tax Deduction Details

  14. Press Enter to specify the Declaration Allowance to the extent exempted U/s 10 • Gateway of Tally > Payroll Info. > Income Tax Details > Tax Configuration Specify the required details and save Press Enter on the required Component Press Enter here to Configure the Pay Heads

  15. Previous Employer Details • Gateway of Tally > Payroll Info. > Income Tax Details Previous Employer Income/Exemption and Tax Deduction Details can be provided from the above masters

  16. Processing Payroll • Gateway of Tally > Payroll Vouchers Income Tax amount Deducted Press Alt+A for Payroll Auto Fill

  17. Income Tax Payment • Gateway of Tally > Accounting Vouchers > F5 Specify the details for Challan printing Press Enter to accept. Press Page Up and followed by Alt+P Press Alt+A for Payroll Auto Fill

  18. Payroll Income Tax Reports • Computation • Salary Projection • Returns • Form 16 • Form 12BA • ITR 1 • ChallanReconciliation • Exception Reports • PAN Not Available • Other Records • TDS Variance

  19. Payroll Reports • Gateway of Tally > Display > Payroll Reports > Statutory Reports > Income Tax

  20. Income Tax Thank You For more information visit www.tallysolutions.com

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