Tally.ERP 9 Release 3 now supports Income Tax for Salaries – Simplifies IT for both Employer and Employees
Tally.ERP.9 now provides a complete solution for Personal Income Tax calculation. The new Income Tax feature handles Tax calculation on the basis of Payroll/Expense transactions and declarations made by the employees, in a very simple manner.
On click of a button, the income tax computation sheet and IT Returns can be generated as per the latest Income Tax Rules. It also provides quarterly and yearly returns which are required to be filed by the Employer. In short, this feature simplifies Income tax for both Employer and Employees’.
The following Forms and Challan are provided with the new Income Tax Module:
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Forms 16, Form 16AA*, Form 12BA
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Form 24Q* (Quarterly) and Form 24* (Yearly) as hard copy and ‘e’ formats
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ITR1 to file Return
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ITNS 281 Challan
*Will be provided in the subsequent Statutory Master releases.
Apart from the above, following reports are also provided:
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Employee wise – Computation Report
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Employee wise – Salary Projection Report
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Challan Reconciliation report
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Income Tax related Exception Reports
Following are the other changes made to the payroll module, to handle the Income Tax successfully:
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A new Pay Process has been introduced to automate the Payroll processing for User Defined
Pay Heads alone before processing the Salary. This will speed up the salary processing for large number of employees.
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Payment Auto Fill has been enhanced to make the IT payment and generate ITNS Challan.
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Payroll Computation report has been enhanced to incorporate the overall computation for Income Tax.
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