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This page displays the income tax component details of the selected employee and allows you to modify the same. You can also view the current Tax Regime selected for the employee. As an admin, to navigate to this page, click Payroll Payroll Inputs. You can update the following information on this page:

  1. Income from Previous Employer
  2. Exemptions
  3. Deductions
  4. Other Income
  5. House Property Income
  6. Regime

Viewing all the tabs

Income

Income tab displays the various components related to the employee's income tax for the entire financial year.


Income From Previous Employer

In Income From Previous Employer tab, you can update an employee's previous employment income details, if the employee has joined in the mid of the financial year. To fill these details, perform the following actions: 

  1.  Select the Month and enter the values for Income After Exemption, Professional Tax paid, PF paid and Total Tax paid. Income Tax, Surcharge and Cess are calculated based on the values entered.

  2. You can also enter the LTA Exemption for the employee, if applicable.

Exemptions

Exemptions tab displays details of all exemptions such as education exemption, HRA and Other Section 10 exemptions. Once the employee's IT declaration is considered by admin, exemptions are displayed here. As an admin, you can modify the total or the monthly rent on behalf of the employee. 

To fill exemption details perform the following actions:

  1. Enter the Total Rent Paid p.a. (per annum) and click the Recalculate button.

    It is recommended not to modify the Other Exemptions section.


    OR

  2. Click Monthly Rent .
  3. Enter the House Rent and click to copy the value to all the months.
  4. Similarly, you can change the HRA Percent for all the months.
  5. Click Save, and click Recalculate to recalculate and display the income tax with the declared HRA.

Perquisite

Perquisites are essential benefits offered by employers to the employees in addition to the normal salary at free of cost or at concessional rates. These benefits are taxable for employees. This tab displays the perquisite calculation.

Deductions

This tab displays statutory deductions like PF. Once the employee's IT declaration is considered by admin, deductions are displayed here.

As an admin, you can add details related to Chapter VIA.

  1. Select the Narration related to Chapter VIA. The Section and Max Limit for this section are automatically displayed.
  2. Add the Gross amount that employee has invested in this scheme.
  3. After adding all the Narration items related to Chapter VIA, click Recalculate to calculate the deductible value of the Narration items. This value is calculated taking into consideration the Gross amount declared and the Max Limit under Chapter VIA.

Other Income

In this tab, you can enter the other income details of the employee for calculating the income tax. There are two kinds of Other Income provisions:

a. Interest on Housing Loan (self-occupied)

b. Income/Loss from Let Out Property

  1. In the Description column, select the relevant description of the Other Income.
  2. Enter the Amount.
  3. Enter the Lender's Name and Lender's PAN number.
  4. Click Recalculate to recalculate the income tax.
  5. Click Save to save other income details.

House Property Income

This section displays and allows you to modify the Interest on Housing Loan (Self Occupied) and Total Income/Loss from Let Out Property. Based on the inputs provided in the Self Occupied and Let Out Property, the Total Income from House Property will be calculated.

Regime

This section gives you an option to change an income tax regime for the purpose of calculating IT. The currently selected regime will be selected in the drop-down menu, select from the drop-down menu and click Save to calculate the income tax based on the updated regime.

Result

This section gives you detailed information about the taxable income and tax breakup.

Preview

Click Preview to preview the employee income tax statement in the next tab. 

Download

Click Download to download the employee income tax report in Excel.

Recalculate

Click Recalculate to recalculate the employee income tax after making changes to HRA Exemption/Income from previous employer/Deductions/Other Income.



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