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How to Create Income Tax Details for Employee in TallyERP.9

Did you know Tally has feature to create Income Tax Computation of each employee like a professional income tax software. But for this you need to configure the Income Tax Details for each employee. Configuration can be filled up one by one or filled all employee details combine.

So How to Create Income Tax Details for an Employee:

Gateway of Tally - Payroll Info - Income Tax Details - Declaration

Select Declaration and Income Tax Declaration appear on your next screen like 


House Rent Allowance 
Leave Travel
Transport Allowance 
Children Education Allowance
Children Hostel Expenditure 

Income Declarated By Employee

Income From House Property
Income From Other Source

Deductions Under Chapter VI-A

Insurance Premium
Investment in Long Term Infrastructure Bonds
NPS (National Pension Scheme)
Public Provident Fund (PPF)
Deposit in Tax Saving Fixed Deposit Nationalized Bank

Deductions u/s 80D 80DD, 80E etc

Contribution to Political Parties or Electoral Trust (80GGC)
Income From Loyalty or Patents (80RRB)
Medical Insurance (80D)
Medical Insurance Dependent (80D)
Rent paid but not in Receipt of HRA (80GG)

After filling all details Computation will look like below image:

We will discuss in our next post about How to enter Income, Deductions for an employee to create perect computation.

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