Payroll - Income Tax - Amazon Web Services
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Transcript Payroll - Income Tax - Amazon Web Services
Tally.ERP 9 Series A Release 3.0
Income Tax
© Tally Solutions Pvt. Ltd. All Rights Reserved
Agenda
• Enabling Income Tax
• Configuring Employee Masters
• Creating/Altering IT Pay Head
• Income Tax Master Configuration
• Income Tax Reports
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2
Enabling Income Tax
Provide
Income Tax
Details
• Gateway of Tally > F11: Features > Statutory &
Taxation
Enable Payroll
Statutory &
Specify Details
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3
Income Tax Computation
Tally.ERP 9 Identifies,
• All earning components are considered as fully taxable
GatewayThe
Tally
> Payroll
Reports
> Statutory
•ofPF
and >
PT Display
are considered
forTax
Deduction
approximate
Income
Computation
can beReports
Income Tax
> Computation
viewed
immediately after enabling the Payroll
Statutory Feature, without any further configurations.
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>
4
Configuring Employee Masters
• Gateway of Tally > Payroll Info. > Employees >
Alter
Income Tax slab will be
applied based on Gender &
Date of Birth (Senior Citizen)
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Income Tax rate gets
selected based on PAN
availability & non availability
5
Create TDS Pay Heads
Create/Alter Salary Details for all Employees for effect TDS Deduction.
• Gateway
of Head
Tallyalready
> Payroll
Info.
> alter
PaytheHeads
Note: If TDS Pay
exists, you
have to
same as >
shown.
Create/Alter
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6
Income Tax Master Configuration
•
•
•
•
•
•
Pay Head Configuration
Declarations
Override Exemption Value
Override Tax Value
Tax Configuration
Previous Employer Details
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Pay Head Configuration
PayPayroll
Head Configuration
• Gateway of Tally >
Info > Income Tax
is Completed
By default>
all Pay
pay heads
are Configuration
Details
Head
grouped under Other Earnings/
Allowances(Fully Taxable)
TDS
gets computed
based
When
method
ofcalculation
calculation
When
method
isis
Select
the
Payofhead
and
on Projected
or On Actuals
selected
astoOn
Actuals
then
On
Projection
then
Deduct
press
enter
group
the
whichever
isperiod
selected
Deduct
can be
TDS
byTDS
default
will be
set Yes
Income
Taxacross
Components
manually
set to Yes or No
respectively
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Declarations
• Exemptions U/s 10
o
o
o
o
o
Rent and Place of Accommodation
Children Education Allowance
Children Hostel Expenditure Allowance
Conveyance Allowance
Leave Travel Allowance
• Deductions Under Chapter VIA
o Investments (U/s 80C and 80CCF)
o Others (U/s 80D, 80DD, 80E etc.)
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Declaration of Exemptions U/s 10
Press Enter here, to
declare Rent details
and Place of
Accommodation re
• Gateway of Tally > Payroll Info. > Income Tax
Details > Specify
Declarations
the Rent details, details of Actual rent
Paid and Accommodation
Note: Actual rent Paid can be entered later also
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10
Deductions• under
Chapter
VI-A Single Component declaration
Press Alt+I
for Multi Employee
•
Press Alt+N for Single Employee Multi Component declaration
• Gateway
of Tally > Payroll Info. > Income Tax
Similarly, specify details for Other deductions
Details > Declarations
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11
Override Income Tax
wantsoftoTally > Payroll Info. > Income
•If the
Go employer
to Gateway
override
the earnings (Income)
Tax Details
or Exemption value or even Tax
value of the employee it can be
done from the Override options
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12
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
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13
Press Enter to specify
Allowance to the extent exempted
U/s
10
the Declaration
• Gateway of Tally > Payroll Info. > Income Tax
required details and save
DetailsSpecify
> Taxthe
Configuration
Press Enter on the
required Component
Press Enter here to
Configure the Pay
Heads
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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
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15
Processing Payroll
• Gateway of Tally > Payroll Vouchers
Income Tax
amount Deducted
Press Alt+A for
Payroll Auto Fill
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Income Tax Payment
• Gateway of Tally > Specify
Accounting
> F5
the detailsVouchers
for
Challan printing
PressPress
Alt+A
for Payroll
Press Enter to accept.
Page
Auto Fill
Up and followed by Alt+P
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Payroll Income Tax Reports
• Computation
• Salary Projection
• Returns
o Form 16
o Form 12BA
o ITR 1
• Challan Reconciliation
• Exception Reports
o PAN Not Available
o Other Records
o TDS Variance
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Payroll Reports
• Gateway of Tally > Display > Payroll Reports >
Statutory Reports > Income Tax
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19
Income Tax
Thank You
For more information visit
www.tallysolutions.com
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