Income Tax in Tally

Income Tax for Salaries in Tally

Posted on by Tally Academy

Income Tax is Personal Again

incometax-for-individuals Tally.ERP.9 introduces a complete Personal Income Tax calculation. Simple to configure and run, it calculates Tax on the basis of Payroll/Expenses Vouchers and declarations made by the employee.

This exciting feature makes it possible to generate the Income Tax computation sheet and IT Returns. In addition, it will provide quarterly and yearly returns. With the Income Tax feature, calculating tax and submitting returns are made easy for both the organisation as well as the employee.

Highlights of the Income Tax feature include:

  • Simple to configure
  • Predefined Rules set by Income Tax Dept. will be updated as and when rules are changed
  • Offers a manual override
  • Hides complexity
  • IT Returns come filled
  • Provides Forms 16, 16AA, 12BA plus quarterly 24Q and yearly 24 in hard copy plus ‘e’ formats

Benefits:

  • Accuracy
  • Speed
  • Reduced paperwork
  • Reduced manual entries hence less errors and better productivity
  • All returns handled from computation to returns